Macquarie analyst John Purtell upgraded Amcor (AMCR) to Outperform from Neutral with an A$18 price target. Berry Global (BERY) has agreed to be acquired in an all-stock transaction by Amcor, with Amcor owning 63% of the new entity and Berry 37%. The Berry acquisition and related synergies give the firm confidence in Amcor seeing an 8% EPS compound annual growth rate to FY29, says the analyst, who adds that Amcor has a “good record on cost synergy delivery” and notes that the firm’s new forecasts do not yet include potential revenue synergies.
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Read More on AMCR:
- Amcor upgraded to Outperform from Neutral at Macquarie
- Berry Global resumed with a Neutral at Citi
- Berry Global resumed with an Overweight at JPMorgan
- Berry Global price target raised to $73 from $69 at RBC Capital
- Berry Global price target lowered to $72 from $74 at Truist
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
