UPDATE: Citigroup Downgrades Ball Corp

In a note released Friday, Citigroup analyst Anthony Pettinari downgraded shares of Ball Corp (NYSE: BLL) from Buy to Neutral and maintained a price target of $66.

Pettinari's downgrade comes amid the belief that current levels adequately reflect the stock's value.

"While we remain positive on management initiatives and see multi-year 10-15 percent EPS growth targets as achievable, much of the potential seems priced in," wrote Pettinari.