Truist Securities Reiterates Buy Rating on Amcor Plc. (AMCR)

Truist Securities analyst Michael Roxland reiterated a Buy rating and $60.00 price target on Amcor Plc. (NYSE: AMCR)

The analyst comments "After yesterday’s market close, AMCR reported adjusted operating EPS of $0.86 vs. our estimate at $0.79 / Street at $0.84. In F2Q, core portfolio volumes including AMCR’s focus categories – healthcare, beauty and wellness, pet food, foodservice, liquids, and protein – declined ~1.5%, similar to last quarter with conditions largely unchanged. Including non-core, volumes declined ~2.5%. The company continues to make progress exploring alternatives for its ~$2.5bn of non-core businesses, including positive discussions related to North America beverage. AMCR executed well on synergy attainment achieving $55mn of synergies ($50mn evenly split between G&A [headcount reduction] & procurement; $5mn from financial benefits) at the high end of its guided $50-55mn of synergies, and anticipates delivering $70-80mn in F3Q. Procurement synergies are ramping as AMCR optimizes spend and specifications across a combined supplier base while revenue synergies totaling $100mn+ of annualized sales have been attained thus far, up $30mn+ from last quarter. Overall, we believe the stock’s 8.1% increase today vs. the S&P 500 at -0.5% reflects investment optimism regarding strong synergy attainment and integration of the BERY business."

For an analyst ratings summary and ratings history on Amcor Plc. click here. For more ratings news on Amcor Plc. click here.

Shares of Amcor Plc. closed at $48.56 yesterday.

You May Also Be Interested In

• Bernstein SocGen Group Starts Terawulf Inc. (WULF) at Outperform
• SpaceX files for 555.56M share IPO at $135/sh
• Us Says Israel, Lebanon Agree To Implement Ceasefire - Bloomberg