RBC Capital upgraded Ball Corp. to Outperform from Sector Perform with a price target of $74, up from $61. Completion of the sale of Ball’s aerospace business to BAE Systems for $4.5B after-tax cash proceeds will be used for debt paydown and share buybacks, the analyst tells investors in a research note. The firm believes the sale allows management to focus on the core beverage can business and unlocks additional free cash flow.
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