Ardagh Metal Packaging initiated with a Market Perform at Raymond James

Raymond James initiated coverage of Ardagh Metal Packaging (AMBP) with a Market Perform rating. Ardagh, Ball Corp. (BALL) and Crown (CCK) collectively represent 75%-plus of the beverage can market they serve and are key suppliers to beverage brands. While the can itself may look and feel similar beyond the branded label, the firm argues that the makers “could not be any more dissimilar than the other in regard to customer/category mix.” While the firm views the industry structure favorably, its initial ratings come down to choosing the one it believes offers the most attractive relative risk/reward at this time, which it identifies as Crown.