UPDATE: Jefferies Initiates Crown Holdings at Buy (CCK)

Jefferies is out with its report today on Crown Holdings (NYSE: CCK), initiating CCK at Buy.

In a note to clients, Jefferies writes, "CCK is compelling due to its great emerging markets exposure, strong FCF generation, and pricing power. While shares have outperformed, we believe mgmt will be able to unlock shareholder value with its discipline approach in deploying capital. We are initiating coverage of Crown Holdings with a Buy rating and a $46 price target."

At the time of posting, shares of CCK were trading at $37.73, up 0.96% from Tuesday's close.