Ball Corp. upgraded to Neutral at UBS with negative thesis ‘played out’

As previously reported, UBS upgraded Ball Corp. (BALL) to Neutral from Sell with a price target of $58, down from $62. Ball still trades at a premium to other can/packaging peers, but on an EV/EBITDA basis the stock has de-rated about 20% since early 2024, notes the analyst, who thinks most of the firm’s prior negative thesis has “largely played out” and argues that a lower valuation and growth similar to peers leaves less downside risk to shares.