The Broomfield, CO-based company is a supplier of metal packaging to the beverage, food, personal care and household products industries.
The higher price target comes ahead of its 2016 first quarter results due out before the market open on April 28.
"BLL is our favorite high quality defensive name, which should benefit from favorable secular growth dynamics in beverage cans and an improved industry structure following the Rexam transaction," Jefferies wrote in a note.
Ball announced its proposed acquisition of beverage can maker Rexam in February 2015.
By the time the company reports results, it's likely it will have received conditional approval for the Rexam acquisition globally, according to Jefferies.
"With the REX transaction expected to close soon, multiples for the divestures edging higher, and a path towards about $6 of free cash flow per share, we believe BLL should approach mid $90s once fully integrated," the firm said.
Additionally, the company should benefit from a stronger euro and real, Jefferies noted.
Shares of Ball closed higher by 0.96% to $71.15 on Tuesday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
Among the primary strengths of the company is its generally strong cash flow from operations. The team believes its strengths outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: BLL