Silgan Holdings upgraded to Buy at BofA following pullback

As previously reported, BofA analyst George Staphos upgraded Silgan Holdings (SLGN) to Buy from Neutral with a price target of $57, up from $53. While the firm saw less compelling valuation and upward catalysts into Q2 reporting, it thinks shares should be bought after the stock dropped over 15% on reduced earnings guidance, the analyst tells investors. Silgan is “partly defensive” because of food cans, but its selloff and the potential for improved volumes supports a Buy rating, the analyst argues.