Berry Global price target lowered to $75 from $82 at Truist

Truist analyst Michael Roxland lowered the firm’s price target on Berry Global to $75 from $82 but keeps a Buy rating on the shares after its Q1 earnings miss due to weaker demand and price/cost headwinds. Cost reduction efforts were not enough to offset weaker volumes, though longer-term, the company’s actions regarding cost savings initiatives, portfolio right-sizing, and various options to unlock greater value will drive a higher multiple, the analyst tells investors in a research note.