The stable demand of aluminum beverage can sheet along with little-to-no investment by production companies has tightened markets, Deutsche Bank analyst Jeremy Kliewer tells investors in a research note. The analyst believes that as legacy can sheet contracts roll-off, new contracts are likely to reflect the tightened supply dynamics through higher pricing. With roughly 50% of Constellium's (CSTM) production/shipment volumes exposed to aluminum can sheet, Kliewer sees the company as the largest beneficiary of upcoming can sheet prices increasing. He raised his 2020-2021 EBITDA estimates by 5% to reflect the company's packaging sheet margins widening and recommends buying the shares. The analyst reiterates a Buy ratings on Constellium and Alcoa (AA), as well as packaging companies Ball Corp. (BLL), Crown Holdings (CCK) and Ardagh Group (ARD).