Amcor (AMCR) Delivers Strong EPS and Synergy Gains After Berry Merger, Truist Reiterates Buy

Amcor plc (NYSE:AMCR) ranks among the best undervalued European stocks to buy now. Following Amcor plc (NYSE:AMCR)’s quarterly earnings report, Truist Securities reiterated its Buy rating and $60 price target for the company on February 5. Amcor plc (NYSE:AMCR) posted adjusted earnings per share of $0.86, which surpassed both Truist’s forecast of $0.79 and the Street average of $0.84.

During the period, the packaging manufacturer generated $55 million in synergies, exceeding the upper end of its targeted range of $50-55 million. These savings were mostly comprised of G&A headcount decreases and procurement efficiency, with $5 million attributed to financial advantages.

As the company improves spend and requirements across its combined supplier base after the Berry business merger, revenue synergies have reached over $100 million in annualized sales, a jump of over $30 million from the prior quarter.

Amcor plc (NYSE:AMCR) operates in packaging solutions for consumer and healthcare products. The company develops sustainable packaging in both flexible and rigid formats, using multiple types of materials.

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Disclosure: None. This article is originally published at Insider Monkey.