Baird analyst Ghansham Panjabi downgraded Crown Holdings to Neutral from Outperform with an unchanged price target of $80. The analyst believes the operating backdrop for the global beverage can market is likely to stay "suboptimal" through the first half of 2023, pressured by continued supply chain inventory realignment as consumer elasticity dynamics continue to weigh on end-market demand. Crown’s portfolio divestitures are unlikely until market conditions materially improve, Panjabi tells investors in a research note. The analyst downgraded the shares to reflect his packaging and coatings sector outlook for 2023. Panjabi sees "muted upside" relative to the price target.
Published first on TheFly
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