Ball Corp (BALL) PT Raised to $69 at Mizuho

Mizuho analyst John Roberts raised the price target on Ball Corp (NYSE: BALL) to $69.00 (from $63.00) while maintaining a Neutral rating.

The analyst commented: "Ball reported 1Q24 BevCan 1Q24 adj EBIT of $332M vs $281M/$269M MSUSAe/Bloomberg cons. EBIT rose 8% Y/Y on 3.7% global volume and ongoing cost savings and improved efficiency. Volume benefited from a customer pull forward in North America. The sale of the Aerospace unit to BAE Systems was completed on Feb 19 (link) and so far proceeds were allocated for debt pay down ($2.8B) and share repo (~$350M).

With the divestiture expected to be EPS neutral, BALL anticipates MSD earnings growth in 2024 (to ~$3.10) and to continue to generate strong free cashflow in 2024. BALL intends to repurchase ~$1.3B of shares in 2024. Raise PT to $69 from $63 and maintain Neutral"

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