Ball Corp. downgraded to Underweight from Equal Weight at Wells Fargo

Wells Fargo downgraded Ball Corp. (BALL) to Underweight from Equal Weight with a price target of $49, down from $56. The firm believes beverage can manufacturers face the most significant headwinds within its coverage to start 2025, driven by an “already challenging” macro backdrop, trade policy risks, the “Make America Healthy Again” agenda, and the Surgeon General’s warning on alcohol. For Ball, Wells’ concerns are its over-exposure to beer, near-term exposure to beverage consumption associated with the Los Angeles fires, and the stock’s valuation.