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Benzinga

Business

Shivani Kumaresan

Read Why Stifel Downgraded Reynolds Consumer Products

REYN Stifel Nasdaq

Stifel analyst Mark Astrachan downgraded Reynolds Consumer Products Inc (NASDAQ:REYN) to Hold from Buy with a reduced price target of $31, down from $33, implying an 8.7% upside.
The analyst has reduced 2022 and 2023 EPS estimates below consensus, reflecting gross margin pressure from higher input costs.
Astrachan expects volumes to worsen as the company has already implemented four rounds of price hikes since 2020.
Price Action: REYN shares are trading lower by 3.13% at $28.52 on the last check Wednesday.

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