JPMorgan analyst Jeffrey Zekauskas upgraded Crown Holdings to Overweight from Neutral with a price target of $85, down from $86. The analyst thinks Crown has reached an equity value that leads to a favorable risk/reward balance. The company is no longer addressing the beverage can market as a growth sector, but, instead, is lowering its capital outlays to “bare bones levels,” the analyst tells investors in a research note. The firm says Crown is now a solid generator of free cash flow as a result. It hints Crown’s free cash yield is likely to be 7.7% for 2024 and 8% for 2025 as a base case.
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