2253 GMT - Amcor's newest bull says the proposed acquisition of Berry cements confidence in the packaging company's earnings outlook. Macquarie upgrades Amcor to "outperform," from "neutral," after concluding that 8% compound annual growth in EPS to FY 2029 is achievable. Amcor has a medium-term target of making $650 million of annual savings from its takeover of Berry. In a note, Macquarie points out that Amcor has a good track record of wringing costs from acquisitions, illustrated by earlier deals for Bemis and Alcan. "We find that after a period of near-term consolidation, Amcor's share price did well during synergy realization period for both Bemis/Alcan acquisitions," Macquarie says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 27, 2024 17:53 ET (22:53 GMT)
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