- 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.
