Here is Why Amcor (AMCR) is Highly Favored by Hedge Funds

Amcor plc (NYSE:AMCR) is one of the 8 best paper and plastic packaging stocks to buy according to hedge funds.

On February 4, Ghansham Panjabi at Baird raised his target price on Amcor plc (NYSE:AMCR) from $50 to $54, resulting in a 12% upside. The analyst also reiterated an Outperform rating on the stock, citing revisions following the fourth-quarter results. Panjabi has an optimistic view and considers Amcor plc (NYSE:AMCR) as a top pick.

On February 5, Michael Roxland of Truist Financial also maintained his Buy rating on Amcor plc (NYSE:AMCR), with a target price of $60. This yields a potential upside of almost 25% for investors.

Roxland reflected on the company’s fourth quarter results, which highlighted synergies amounting to $55 million for the quarter, associated with G&A headcount cuts and procurement efficiencies. The figures were in line with the high end of management’s guidance, and there are expectations of roughly $70 to $80 million of synergies in the coming quarter as well.

Amcor plc (NYSE:AMCR) manufactures and sells packaging products through its Global Flexible Packaging Solutions and Global Rigid Packaging Solutions segments. It makes packaging materials for products across different segments such as food, beverages, pharmaceuticals, personal care, and more. It also delivers rigid packaging containers, closures, dispensing, and pharma devices that have applications within the food and beverage industries.

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