Australia's Orora rises; Morgan Stanley says stock attractive even for skeptical investors

Orora

28/11/2023 01:40

** Morgan Stanley says sharp sell-off in Orora  ORA.AX 
shares since the announcement of the Saverglass acquisition sees
the stock trading at a significant discount to history
    ** ORA shares up 3.2% at A$2.55
    ** "We would argue that, even for skeptical investors, ORA
is attractive," MS says
    ** MS has a price target of A$3.5 for the packaging firm,
moves to "overweight" from "equal-weight" rating
    ** Brokerage sees ORA to deliver consistent earnings and
robust cash flows
    ** We believe the stock will re-rate as the market gains
confidence in its understanding of the Saverglass business - MS
    ** Four of 11 analysts rate stock "buy", 7 "hold"; median PT
is A$3.18 - LSEG
    ** Orora stock down 7.1% YTD, as of last close 
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))