Wells Fargo Upgrade And Price Target Raise Causes Massive Buying Pressure

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, October 15, 2024

It’s not every day that we dig into analyst upgrades or initiation of coverage by a major bank when discussing smaller companies, however because ‘penny stocks’ are classified as anything that is trading sub-$5.00/share, some stocks that come across our desk that actually belong to rather large companies, they just happen to be trading lower on a per-share basis.

Earlier this morning, traders were quick to buy up shares of Ardagh Metal Packaging S.A. (NYSE:AMBP) after it was announced that Well Fargo upgraded its rating to overweight from equal weight, while raising its price target from $4.25 to $5.00/share.

While not a micro or small cap like we’re used to analyzing, this stock still popped up on our radar after shares of this stock rallied up to $4.08/share (+6.53%) during early Tuesday trade.

Ardagh Group SA operates in the consumer metal packaging industry. The company's products include conical, rectangular and oval-shaped steel and aluminum cans for multi and single-serve use; glass bottles and jars. It has four reportable segments such as Metal Packaging Europe, Metal Packaging Americas, Glass Packaging Europe and Glass Packaging North America.

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