Zacks Investment Research downgraded shares of Ball Corporation (BLL) from NEUTRAL to UNDERPERFORM on June 03, 2013, with a target price of $39.00.
Ball Corporation's first-quarter 2013 adjusted earnings declined 8% year over year to $0.58 per share. Total revenue remained flat at $2 billion due to lower volume. Weakness in Europe, pricing pressure in China, loss of market share and the impact of sequestration on the Aerospace and Technologies segment will continue to be the headwinds for Ball Corporation. Furthermore, given the weak first quarter results and a slow start to volumes in the second quarter, Ball stated that achieving its long-term goal of 10% to 15% diluted earnings per share growth in 2013 seems unlikely. We have thus downgraded our recommendation on Ball Corporation from Neutral to Underperform with a target price of $39.
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