Ball Corp slips after BoFA downgrades to 'underperform'

Ball

02/01/2024 13:38

** Shares of beer can maker Ball Corp  BALL.N  down ~2% at
$56.29 premarket after BoFA Global Research downgrades the stock
to "underperform" from "neutral"
    ** Brokerage says "we continue to expect a weakish (and
somewhat below-Street) start to 2024 for Ball"
    ** BoFA cuts price objective to $59 from $61 and expects
negative impact of risks around demand trends, volumes, pricing
and input costs including volatile energy costs
    ** Co's Q3 sales in 2023 were affected by slowing demand for
its beverage cans impacted by falling demand at Bud Light maker
Anheuser-Busch Inbev  ABI.BR , its major client 
    ** Five of 13 brokerages rate the stock "buy" or higher,
seven "hold" and one "sell", with a median PT of $56.50
    ** In 2023, the stock was up nearly 12%

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com;))