Ardagh Metal Packaging downgraded to Underperform from Buy at BofA

BofA analyst George Staphos downgraded Ardagh Metal Packaging (AMBP) to Underperform from Buy with a price target of $4, down from $4.90. The firm’s downgrade of Ardagh is largely because it prefers other beverage canmakers such as Crown (CCK) and Ball (BALL) and other packagers such as Amcor (AMCR), the analyst tells investors. Volumes could remain muted on customer-specific trends in Brazil through Q1, partly as other brewers that Ardagh doesn’t serve promote more aggressively, the analyst added.