Amcor initiated with an Equal Weight at Wells Fargo

Wells Fargo initiated coverage of Amcor with an Equal Weight rating and $9.80 price target. The analyst believes the company’s efforts to expand towards higher value categories should help boost organic growth and margins in the medium- to long term. Still, near-term headwinds from de-stocking, weak volumes and sustainability risks on plastics “dampen constructiveness” on the shares, the analyst tells investors in a research note.