Ball Corp. downgraded to Underperform from Neutral at BofA

BofA downgraded Ball Corp. to Underperform from Neutral with a price target of $59, down from $61. BofA says this is partly a valuation call, as the stock has gotten close to the firm’s price target in recent weeks. The backdrop for beverage cans is getting better and promotional activity should rebound in 2024 and, with it, volumes and operating rates, but BofA continues to expect a “weakish” start to 2024, the analyst tells investors in a research note.