These Analysts Revise Their Forecasts On Pactiv Evergreen After Q4 Results
Portfolio Pulse from Avi Kapoor
Pactiv Evergreen Inc. (NASDAQ:PTVE) reported a 14% year-over-year decrease in Q4 net revenues to $1,274 million and an increase in adjusted earnings to 33 cents per share. Despite operational challenges, the company exceeded financial goals and plans to optimize its footprint in 2024 for cost savings and sustainable growth. Following the report, PTVE shares fell 10.1%. Analysts from Baird, Goldman Sachs, and Citigroup revised their price targets, with mixed outlooks.
March 04, 2024 | 1:19 pm
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Pactiv Evergreen reported a decrease in Q4 revenues but an increase in earnings. The company plans for strategic transformation in 2024. Shares fell 10.1% after the report, but analysts have revised their price targets.
The mixed financial results and the strategic plans for 2024 indicate a neutral short-term impact on PTVE's stock price. The decrease in revenue is a negative signal, but the increase in earnings and strategic plans for cost savings and growth could balance the outlook. The 10.1% drop in shares post-earnings suggests market reaction has already occurred, but analyst revisions indicate ongoing interest and potential for recovery.
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RELEVANCE 100