** Wells Fargo says beverage can manufacturers including Ball BALL.N and Ardagh AMBP.N face significant headwinds due to challenging macro backdrop, trade policy and tariff risks, the "Make America Healthy Again" agenda, and Surgeon General's warning on alcohol
** BALL down as much as 2.2% at $53.08 in early trade after brokerage downgrades it to "underweight" from "equal weight", PT cut to $49 from $56
** Brokerage expects concerns with co's limited focus on sparkling water and heavy exposure to beer - demand of which is declining
** AMBP down as much as 5.6% at $2.68 after downgrade to "equal weight" from "overweight", PT cut to $3.35 from $3.60
** Limited cash flow due to dividend obligations - brokerage
** Adds co is most vulnerable among beverage can manufacturers it covers, on concerns of low demand and 2 bln to 3 bln units of unused capacity in North America
** BELL and AMBP fell ~4% and ~21%, respectively in 2024
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))
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