Pactiv Evergreen initiated with a Buy at Jefferies

Jefferies analyst Philip Ng initiated coverage of Pactiv Evergreen with a Buy rating and $18 price target. The analyst believes the stock “offers great value” with an 11.3% free cash flow yield. With Pactiv still in the early innings of its turnaround as it implements a retooled portfolio, there are “multiple avenues” for the company to unlock value, the analyst tells investors in a research note.