BofA Securities analysts upgraded Ball’s (NYSE:BALL) rating to Buy from Underperform, increasing their price target to $72 from $61. The analysts anticipate a gradual recovery in the beverage can market heading into 2024-2025. They highlight Ball Corp’s ongoing efforts in operational improvements, including the implementation of Kaizen and Lean methodologies, which they believe will restore the company’s operating leverage to over 2x.

Additionally, the analysts pointed out that the company’s strategic use of proceeds from Aerospace sales for a debt tender and a $1 billion share buyback, along with a total of $3 billion in buybacks projected through 2026, will counterbalance the dilutive effects of divestitures and contribute to a higher valuation multiple for Ball Corp.

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