Zacks Investment Research upgraded shares of Ball Corporation (BLL) from UNDERPERFORM to NEUTRAL on September 05, 2013, with a target price of $47.00.
Ball Corporation's second-quarter 2013 adjusted earnings declined 4% year over year to $0.85 per share and revenues dipped 4% to $2.2 billion due to weak demand for beverage cans. Moreover, loss of a customer, weak economic condition in Europe and pricing pressure in China will continue to be the headwinds. However, the company will continue to benefit from expansion in regions including Brazil and the rise in demand owing to the upcoming World Cup, strong backlog in its aerospace and technologies segment, and cost cutting initiatives. Thus, we have upgraded our recommendation on Ball Corporation from Underperform to Neutral with a target price of $47.
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