Amcor price target raised to $10.80 from $10.50 at Wells Fargo

Wells Fargo analyst Gabe Hajde raised the firm’s price target on Amcor to $10.80 from $10.50 and keeps an Equal Weight rating on the shares. Discussing the packaging and containers industry ahead of quarterly results, the firm says that while it believes Q3 demand improved sequentially, Wells doesn’t expect anything heroic given caution from both consumers and industrial sectors. The firm thinks the worst is now behind, but says its base case remains more muted, as it assume volumes trend flat, rather than +low single-digits for the full year, and recovery likely pushed out to the first half of 2025.