12:25 PM EDT, 05/02/2024 (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 price by $7 to $49 as we assume SLGN will trade at an EV/EBITDA of 8.5x our 2024 EBITDA estimate, a small discount to SLGN's three-year avg. forward EV/EBITDA of 8.9x. We raise our 2024 EPS estimate by $0.04 to $3.69 and our 2025 EPS forecast by $0.25 to $4.08. SLGN posted Q1 adj. EPS of $0.69 vs. $0.78, $0.03 above consensus. Q1 sales declined 7.1% Y/Y and missed consensus by $56 million, or 4%. In the Dispensing and Specialty Closures segment, sales fell 8% Y/Y, mostly due to lower volume/mix. The Metal Containers segment suffered from a 5% volume decline Y/Y, due to continued customer destocking. Following five straight quarters of Y/Y sales declines, we think SLGN will return to sales growth in Q2 and keep the momentum, with an acceleration in growth throughout the year. We are encouraged that volumes increased sequentially in the Custom Containers unit and we think the rise in promotional activity at retail channels will be a tailwind for volume growth in upcoming quarters.