As previously reported, BofA Merrill Lynch analyst George Staphos downgraded Crown Holdings to Neutral from Buy following conference call commentary that leads him to believe his prior forecasts in European beverage can were too optimistic. Additionally, the combination of Middle Eastern volume variances and their mix effects and the company's prior "overly optimistic" guidance on freight have lead Staphos to cut his forecasts for 2018, 2019 and 2020, he tells investors in his downgrade note. He has lowered his price target on Crown shares to $51 from $59.

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.