Wells Fargo upgraded Ardagh Metal Packaging to Overweight from Equal Weight with a price target of $5, up from $4.25. The firm sees the company benefiting from greater exposure to carbonated soft drinks and ongoing pack-mix shifts in Europe. While European beverage can demand has positively surprised on a combination of the Euro Cup, Olympics and strong promotional activity, medium-term supply/demand dynamics are shifting more favorable, the analyst tells investors in a research note. When combined with the company’s deleveraging efforts and 11% dividend yield, Wells believes Ardagh’s multiple should expand closer to peer levels, providing an attractive risk/reward.
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