Wolfe Research and JPMorgan have downgraded Crown Holdings, citing limited upside potential due to the stock's recent rally and expectations for slower earnings growth. Shares have climbed 28% in the past year. Wolfe believes the bullish thesis is largely played out after operational improvements and balance sheet repair.

JPMorgan also moved to Neutral, noting a 34% rise in the stock's value compared to the market. The bank anticipates a slowdown in earnings growth for 2026, influenced by capacity expansion costs and higher labor expenses in the Americas. Europe remains a brighter spot with potential can volume growth.

The analysts' concerns stem from the stock's valuation relative to its peers. JPMorgan increased its price target slightly to $115, but believes the current share price already reflects fair value. Investors should watch earnings reports for 2026 to assess the impact of these factors on Crown Holdings' performance.