Amcor initiated with a Market Perform at Raymond James

Raymond James initiated coverage of Amcor (AMCR) with a Market Perform rating. The merger with Berry (BERY) is expected to close by mid-2025, and Raymond James is taking the under given regulatory progress to-date, the analyst tells investors in a research note. The firm is constructive on the deal, but says conservatism in cost synergies seems to be baked in, and would prefer to await tangible evidence of growth with shares reflecting a fair relative valuation at current levels.