Morgan Stanley, upon first assessment, spotted a solid result with improved margins from Amcor today, despite further top-line declines.

The company's expectation of abating de-stocking and a top-line inflection point are encouraging, the broker finds, while cost-out initiatives appear to be working.

The broker does make a point that Amcor's growth outlook remains modest. Within this context, the current valuation is seen as "fair".

Equal-Weight rating and $14.50 target price. Industry view: In-line.

Sector: Materials.

Target price is $14.50.Current Price is $13.82. Difference: $0.68 - (brackets indicate current price is over target). If AMC meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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