Berry Global resumed with an Overweight at JPMorgan

JPMorgan resumed coverage of Berry Global (BERY) with an Overweight rating and price target of $76, up from $70. Berry has agreed to be acquired in an all-stock transaction by Amcor (AMCR) with Amcor owning 63% of the new entity and Berry 37%, the analyst tells investors in a research note. The firm expects Berry to pay at least three dividends totaling 93c per share before the likely close of the transaction by the end of the first half of 2025, leading to a total return of about 8.5% in a 7-month period of time or about a 15% annualized return.