12:50 PM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target by $9 to $87, using an EV/EBITDA of 9.0x our 2024 EBITDA estimate, a discount to CCK's three-year average forward EV/EBITDA of 9.7x, which we think is justified by the current weak demand in the Transit Packaging segment. We raise our 2024 EPS estimate by $0.02 to $6.06 and our 2025 EPS forecast by $0.01 to $6.93. CCK posted Q1 adj. EPS of $1.02 vs. $1.20, $0.06 above consensus. Q1 sales declined 6.4% Y/Y and missed consensus by 5.1%. Q1 revenue was impacted by the pass through of $130 million in lower material costs and lower volumes in most of the businesses, partly offset by higher beverage can shipments in America's and European Beverage. It's encouraging to see global beverage shipments up 2.5% Y/Y, which was led by 7% Y/Y growth in North America and 5% Y/Y growth in Europe. CCK has now completed the Mesquite, Nevada and Peterborough, U.K. plants, which improves the free cash flow outlook. We are anticipating a positive inflection point in Transit Packaging in 2H 2024.