Ardagh assumed with an Outperform from Neutral at Credit Suisse

Credit Suisse analyst Curt Woodworth upgraded Ardagh Group to Outperform from Neutral with a price target of $20, up from $17.20, after assuming coverage of the name. The analyst assumed coverage of the U.S. beverage can packaging sector with a "bullish" medium-term outlook. Ardagh is a leading producer of beverage cans and glass containers, with "top 3" share and "best-in-class" specialty mix across its major markets, Woodworth tells investors in a research note. The analyst sees the company adding at least 3B units of new can capacity in the Americas over the next 12-24 months, with "strong leverage in key verticals" across hard seltzer and craft beer. He believes the Street is underestimating Ardagh's beverage growth.