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Benzinga
Benzinga
Business
Akanksha Bakshi

What's Going On With CCL Industries Shares Today

TSX RBC Capital
  • RBC Capital analyst Walter Spracklin lowered the price target for CCL Industries Inc (TSX:CCL) (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.
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