Citi upgrades Silgan to Buy on ‘sharp discount’ to peers

Citi upgraded Silgan Holdings to Buy from Neutral with an unchanged price target of $50. The analyst also opened a “30-day positive catalyst watch” on the name. The shares are trading at a “sharp discount” to peers and should trade higher on reiteration of the company’s’ fiscal year earnings guidance, the analyst tells investors in a research note. Citi says demand for wet pet food in the U.S., which accounts for half of metal container volume, has continued to grow.