Amcor price target lowered to $41 from $43 at Wells Fargo

Wells Fargo lowered the firm’s price target on Amcor (AMCR) to $41 from $43 and keeps an Equal Weight rating on the shares. The firm traveled with the top Amcor leaders to visit investors. Key focus items were synergy capture, balance sheet deleveraging and ability to flex global scale to mitigate Middle East impacts. Though risk/reward tilts slightly favorable, low visibility on volumes keeps Wells on the sidelines.