Raymond James Names Top Packaging Stocks, Favoring Beverage Cans and Specialty Dispensers

Raymond James has identified its top investment picks in the packaging sector, favoring beverage can manufacturers and specialty dispensing companies as the industry navigates mixed volume trends and shifting cost pressures. The firm's analysis follows a period where packaging stocks have gained 6% on average since first-quarter 2026 earnings were released.

Sector Outlook and Cost Pressures

According to Raymond James, volume trends across the packaging industry have remained largely consistent with guidance assumptions. However, the firm is adopting a more conservative stance on food and beverage packaging, citing lackluster earnings reports from consumer packaged goods companies like General Mills and PepsiCo.

On the cost side, the sector faces a mixed environment. While oil and resin prices have declined, a key input for paper-based packaging, old corrugated containers, has seen prices rise by approximately $15-20 per ton since companies last issued guidance. The investment firm noted that it expects beverage can manufacturers to be largely immune to these cost fluctuations.

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Top Analyst Picks

Raymond James highlighted three companies it believes are well-positioned in the current market:

• Crown Holdings (CCK): The firm continues to favor the beverage can sub-sector for its outsized growth potential. Raymond James believes Crown is best positioned heading into second-quarter results, citing strong North American growth, a potential repeat of standout performance in Asia, and favorable exposure to Southern Europe.
• Silgan Holdings (SLGN): Analysts expect an acceleration in volumes for dispensing and specialty closures in the second half of 2026. This is anticipated due to easier year-over-year comparisons and continued strength in high-margin beauty and fragrance categories. The firm also believes Silgan's guidance embeds significant conservatism on costs, suggesting recent declines in resin prices could provide an upside.
• AptarGroup (ATR): Raymond James projects that AptarGroup's pharmaceutical core sales, which likely bottomed in the first quarter, will turn positive in the second quarter and accelerate through the rest of the year. The analysts suggest this provides valuation support and expect sales growth to return to its long-term range of 7-11% in 2027.