AMCR - Amcor preferred over Greif Rayoneir and Sylvamo at Bank of America

Amcor plc (AMCR +1.6%) shares are rising against a general market decline after Bank of America upgrades the stock to Buy from Underperform. Analyst George Staphos cites an "expected rotation" into speciality companies as the reason for the double upgrade. He believes secular trends will drive specialty packaging multiples and stocks. Meanwhile, Staphos downgrades Greif (GEF +0.5%), Rayoneir (RYN -0.1%), and Sylvamo (SLVM -5.9%) to Underperform, writing that the stocks should lag given relatively strong performances recently and headwinds in the macro and sector environments. Bank of America expects boxboard and cardboard markets to catch up to inflation in 2022 with a "mountain" of price increases. Amcor already announced a 15% price hike Wednesday morning.

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Amcor preferred over Greif, Rayoneir, and Sylvamo at Bank of America