Ghansham Panjabi has given his Buy rating due to a combination of factors that indicate a strong potential for Crown Holdings' (CCK) stock. His analysis suggests that the stock has underperformed year-to-date, creating a buying opportunity as the shares trade at what he perceives to be an unsustainably wide valuation spread compared to its closest competitor. Moreover, Panjabi notes Crown Holdings' strategic adjustments to the operating environment, including cost reductions and balance sheet deleveraging, which are anticipated to boost free cash flow generation. The raised target price of $90 is set at approximately 15 times the estimated EPS for 2024. Additionally, the report emphasizes Crown Holdings' execution on various self-improvement initiatives, such as the closure of five plants, which should contribute to operational efficiency.