AMC - Morgans rates the stock as Hold
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Amcor's result was in line with the broker but while a downward revision to FY guidance was expected, it was larger than assumed. Higher raw material costs, weak beverage volumes in North America and mixed conditions in emerging markets all dragged.
Cost-outs are providing support but organic revenue growth is hard to come by and emerging markets remain difficult. Forecasts trimmed and target dropped to $14.40 from $15.00. Hold retained on valuation.
Target price is $14.40.Current Price is $14.44. Difference: ($0.04) - (brackets indicate current price is over target). If AMC meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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