U.S. Markets open in 8 hrs 4 mins

UPDATE: Deutsche Bank Reiterates On Ball Following Clean Q2 Beat

Dwight Einhorn

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Ball (NYSE: BLL), and raised the price target from $60.00 to $62.00.

In the report, Deutsche Bank noted, “Clean Q2 beat drive by Europe and Aerospace: Modestly adj. estimates & PT. Adj. EPS of $1.13 vs. DB @ $1.02 and consensus @ $1.03. Adj. EBIT of $265M vs. DB @ $255M. Q2'13 EBIT = $226M. Relative to our model, the beat owes to better-than-expected operating performance ($0.05) driven by strength in Metal Bev Europe and Aerospace, as well as lower corp. expense. A lower tax rate also helped vs. our model ($0.02). Beverage demand trends encouraging: Ball noted strong demand in NA (beer/specialty cans) and double-digit gains y/y in China and Brazil. Europe volumes were up mid-single-digits. We are modestly raising estimates due to the Q2 beat Maintain Hold.”

Ball closed on Thursday at $61.26.

View more ratings on BLL

See more from Benzinga

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.