Silgan Holdings price target lowered to $50 from $55 at Raymond James

Raymond James lowered the firm’s price target on Silgan Holdings to $50 from $55 and keeps an Outperform rating on the shares. While Silgan’s Q2 results missed expectations primarily due to effects from labor challenges at a single plant, 2023 adjusted EPS guidance was cut more dramatically, largely due to planned 2H inventory drawdowns by large food/beverage customers, the analyst tells investors in a research note. The firm expects the effects of both to be short-lived.