What's Going On With CCL Industries Shares Today
RBC Capital analyst Walter Spracklin lowered the price target for CCL Industries Inc (TSX: CCL.B) (OTC: CCDBF) to C$74 from C$80.
The analyst maintained the Outperform rating on the shares.
Spracklin states that 1Q22 results came in above expectations and (in contrast with last quarter) there was no cautionary language around near term trends.
The company indicated that further cost pas through initiatives would complement those already successfully implemented to date, which we believe should be well-received by the market, notes the analyst.
He says the share price today is the key, which exhibits a significant disconnect between the company's strong fundamentals, its clean balance sheet, and the valuation at which the shares trade.
Price Action: CCL.B shares are trading higher by 6.29% at C$60.32 on TSX, and CCDBF is higher by 5.21% at $45.54 on the last check Friday.
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
