Crown Holdings initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Crown Holdings with an Equal Weight rating and $87 price target. Crown is the number global player in the beverage can space with the leading market position in Southeast Asia, the analyst tells investors in a research note. The firm sees Crown’s international beverage can exposure and non core business pressured in 2024. The stock has little catalysts for a relative rerating outside of a positive demand surprise, “which we are not calling for,” says Morgan Stanley.