Crown Holdings upgraded to Buy at Truist after recent weakness

As previously reported, Truist upgraded Crown Holdings (CCK) to Buy from Hold with an unchanged price target of $118. Crown shares have declined nearly 8% since August 28 despite the lack of any specific actionable company news, notes the analyst, who sees a more attractive entry point as a result of the selloff. The firm thinks part of the weakness relates to volume concerns given CPG commentary at a recent conference, most of it centered around softer beer volumes, but despite this modest volume softness, the firm believes Crown will still be able to achieve its Q3 EPS guidance, the analyst added.