Amcor resumed with an Overweight at Wells Fargo

Wells Fargo resumed coverage of Amcor (AMCR) with an Overweight rating and $10 price target The firm sees an attractive risk/reward profile in Amcor shares as it believes the market does not yet appreciate the company’s “strong” competitive position and synergy-driven profit growth over the next two years and long-term optionality from a step-up in free cash flow. The combination of Amcor and Berry Global “creates a global packaging powerhouse with unmatched scale and innovation leadership,” the analyst tells investors in a research note.