Baird upgraded Crown Holdings to Outperform from Neutral with a price target of $90, up from $85. The shares have underperformed significantly on a year-to-date basis, and currently trade at what at an "unsustainable valuation spread relative to its purest comparison," the analyst tells investors in a research note. The firm says Crown is "realistically adjusting" towards a changed operating environment by executing on cost-outs and balance sheet deleveraging boosted by accelerating free cash flow generation. Baird believes Crown has a diverse geographic portfolio specific to metal beverage cans and is well positioned to benefit from a directional improvement in consumer personal goods end-market volumes.