2023-05-03 08:38:23 ET
Amcor ( NYSE: AMCR ) stock price slides 6.6% on NYSE on Wednesday pre-market as J.P.Morgan lowered its price target to A$16.30, earlier it was was A$16.65.
Lowering the target, bank points Q3 earnings miss , softness across segments, and lowered 2023 guidance as the key setbacks. Expects AMCR to display its defensive characteristics and volumes to subdued till year-end.
Consensus FY 2023 revenue is at $14.75B, and EPS at $0.73.
However, J.P.Morgan upgrades its rating to Overweight from Neutral pointing on improves FY 2024 outlook and EV/EBITDA premium vs. key US peers.
The stock commands a Quant rating of Hold and SA analyst rating of Buy . Contributor comments: ' Amcor: Good Returns To Investors To Be Boosted By Current Investments '
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Amcor slides ~7% on J.P.Morgan lowering price target