Morgan Stanley initiated coverage of Amcor (AMCR) with an Overweight rating and $13 price target. The company’s Berry Global (BERY) transaction has the potential to deliver attractive earnings accretion, and its track record points to them being able to deliver on this potential, creating significant earnings growth and valuation upside, the analyst tells investors in a research note. The transaction is also not yet incorporated in consensus estimates, suggesting upgrades will follow assuming completion, the firm adds.
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