As previously reported, BofA Merrill Lynch analyst George Staphos upgraded Berry Global to Buy from Neutral with a $51 price target, down from his previous $61 target, citing valuation. He thinks the shares now reflect "a pessimistic, mid-single digit perpetuity decline rate" and concerns on plastics that have been a headwind for sector multiples. Risks remain, but are now priced in, while the company has potential catalysts into FY20 that include its Engineered Materials and Health, Hygiene & Specialties businesses returning to growth and the company achieving better than expected RPC synergies.