BofA adjusts ratings on packaging and paper companies

Sylvamo

11/12/2024 19:17

** BofA adjusts ratings of packaging and paper companies
Amcor  AMCR.N , 485.F , Ardagh  AMBP.N  and Sylvamo  SLVM.N  
    ** Brokerage upgrades Amcor to "buy" from "underperform"
    ** Expects more relative return and growth catalysts; says
pending merger with Berry  BERY.N  is interesting and does not
see significant regulatory approval risk
    ** BofA says after rip-roaring market move post-election,
investors may have more appetite for defensive stocks such as
MCR
    ** Downgrades Ardagh to "underperform" from "buy"; cuts
price objective to $4 from $4.90
    ** Brokerage says volumes could remain muted on
customer-specific trends in Brazil through Q1, despite
improvements since late Q3
    ** BofA downgrades Sylvamo to "underperform" from "neutral"
    ** Says trends are currently solid and has price increase
baked into forecasts, but sees demand decline for copy paper
    ** Notes co is doing well with its Project Horizon
cost-reduction initiative, though pulling forward some 2025
benefits into 2024
    ** Including session's moves, AMCR and SLVM stocks have
risen 4% and 82%, respectively, this year, while AMBP is down
16%

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))