Amcor upgraded to Buy at Stifel with expectations ‘appropriately reset’

As previously reported, Stifel analyst Lars Kjellberg upgraded Amcor (AMCR) to Buy from Hold with a price target of $10.20, down from $10.83. The merger of Amcor and Berry created a consumer packaging company “unrivalled in scale,” but promised synergies will be “challenging to deliver to the bottom line” and the prospects of accelerating organic growth “seem optimistic,” the analyst tells investors. However, the firm sees merits from the deal and believes recent weak performance has “appropriately reset expectations,” the analyst added.