Zacks Investment Research downgraded shares of Ball Corporation (BLL) from OUTPERFORM to NEUTRAL on April 11, 2014, with a target price of $57.00.
Ball Corporation's adjusted earnings improved 34% year over year to $0.86 in the fourth quarter of 2013. The company has maintained its long-term earnings per share growth goal of 10-15%. It will continue to benefit from expansion into emerging markets, margin restoration in Europe Beverage from restructuring activities, contribution from a new extruded aluminum line in Mexico, demand in Brazil and lower pension and interest expenses. Strong free cash flow, dividends and share repurchases will also drive growth. However, loss of customers, recent weakness in the Aerospace and Technologies segment and an increase in the aluminum premium in Europe remain headwinds. We have thus downgraded our recommendation on Ball Corporation from Outperform to Neutral with a target price of $57.
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