09:45 AM EDT, 05/10/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target remains $75, using an EV/EBITDA of 7.8x our FY 24 (Sep.) EBITDA estimate, in line with BERY's three-year average forward EV/EBITDA. We lower our FY 24 EPS estimate by $0.05 to $7.56 and FY 25's by $0.14 to $8.37. BERY posted FQ2 adj. EPS of $1.95 vs. $1.96, $0.02 above consensus. FQ2 sales fell 6.4% Y/Y and missed consensus by 2%. Following the 3% Y/Y volume decline in FQ1, volume declined 2% Y/Y in FQ2 and the pass-through of lower resin costs had a 5% negative impact. We find it encouraging that all four segments posted Q/Q volume improvement, and strong April volumes put BERY in a great position to achieve Y/Y volume growth in 2H FY 24 of low-single digits. We think cost savings (target was raised by $25 million to $165 million) combined with sequential volume growth will drive significant incremental margins in 2H FY 24 and in FY 25. We have a positive outlook on balance sheet improvement, with $2.0 billion in cash proceeds expected from non-core divestitures within the next 12 months.