Aluminum packaging products firm Ball Corp. (BLL) plans to construct an aluminum beverage packaging plant in North Las Vegas, Nevada. The company supplies its products to the personal care, beverage, automotive, healthcare, paint and household products industries.

Ball plans to put nearly $290 million in the new facility over the coming years. The multi-line plant, which is scheduled to commence production in late 2022, is likely to employ around 180 people in manufacturing roles when fully operational. (See Ball stock chart on TipRanks)

The facility will supply a range of cans in different sizes to its various beverage customers. The company selected North Las Vegas for the new plant due to its increasing regional demand, cooperation of state and local officials, regional labor base, infrastructure and proximity to customer can-filling investments.

The President of Beverage Packaging, North & Central America, at Ball, Kathleen Pitre, said, “The new plant is supported by numerous long-duration contracts for committed volume with our strategic global partners and regional customers and will enable us to serve the customer and consumer needs for more sustainable aluminum beverage packaging while furthering our Drive for 10 vision.”

Recently, Barclays analyst Michael Leithead maintained a Hold rating on the stock and raised the price target to $98 from $95 (5.1% upside potential).

In a research note to investors, the analyst said, “Beverage can demand simply continues to outpace supply. However, with a premium multiple, Ball shares are more at risk for short-term pullbacks on negative headlines.”

Overall, the stock has a Moderate consensus rating based on 3 Buys and 6 Holds. The average Ball price target of $99.63 implies 6.8% upside potential. Shares have gained 16.4% over the past year.

According to TipRanks’ Smart Score rating system, Ball scores an 8 out of 10, suggesting that the stock is likely to outperform market averages.

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The post Ball to Build New Beverage Packaging Plant in North Las Vegas appeared first on TipRanks Financial Blog.

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By: Richika Biyani
Title: Ball to Build New Beverage Packaging Plant in North Las Vegas
Sourced From: blog.tipranks.com/ball-to-build-new-beverage-packaging-plant-in-north-las-vegas/
Published Date: Fri, 24 Sep 2021 10:26:15 +0000

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