Shares in plastic packaging company Berry Global Group are attractive and could rise more than 30% from here, according to Goldman Sachs. Analyst Adam Samuelson raised his price target on Berry Global Group, while maintaining a buy rating on the stock, saying the stock continues to maintain its appeal on the strength of its cash flow profile. corporate freedom even after a mixed income statement. Berry Global Group on Tuesday beat profit expectations with fiscal fourth-quarter earnings of $2.19 per share, compared with consensus expectations of $2.15 per share, according to estimates by the company. FactSet. Meanwhile, the company reported revenue of $3.42 billion, compared with a consensus forecast of $3.65 billion. Despite that, shares rose more than 3% on Tuesday. The company announced that its board of directors has approved a quarterly dividend payment of 25 cents per share. The board also authorized an additional $700 million allocation to Berry’s existing share buyback program, expanding its capabilities to more than $1 billion. “Overall, while today’s results do not show the expected organic earnings growth, we continue to believe that current valuations are at odds with real business fundamentals. the resilience of the final market and the durability of today’s FCF generation and capital allocation In our view, this decision will give investors more confidence in the ability of management in the future. performance of their medium/long-term goals,” Samuelson wrote in a note Tuesday. “Net, we draw fiscal 2020 results with a flat view and with the stock trading at 6.9x EV/EBITDA and a 14.3% FCF yield on revised 2024 estimates. ours, we see an attractive risk/reward entry point,” he added. The analyst’s price target of $71, up from $68, is 34% above the stock’s closing price on Tuesday. The stock is down about 29% this year. —Michael Bloom of CNBC contributed to this report.