Amcor – Buy

Amcor reaffirmed their guidance for 5 – 10% EPS growth and US$160mn in cost synergies over the next 3 years from the Bemis acquisition.

Half of the forecast EPS growth is being achieved through cost savings, so the underlying business remains at low single-digit growth. The Q1 update removes medium-term downside risks and with the stock offering a 4.8% yield, we expect support to build at $14.50.

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