Overview
Truist Securities has reiterated a Buy rating on Amcor Plc and left its price target at $60.00 after the packaging company released its Q2 2026 results. The company's adjusted operating earnings per share for the quarter came in at $0.86, topping Truist's internal forecast of $0.79 and the broader Street consensus of $0.84.
Earnings and top-line performance
While Amcor's adjusted EPS slightly exceeded expectations, revenue for the quarter was $5.4 billion, below the projected $5.52 billion. The company nevertheless saw its shares hold up in aftermarket trading despite the revenue shortfall.
Volumes and core portfolio
Amcor reported that volumes across its core portfolio - which includes healthcare, beauty and wellness, pet food, foodservice, liquids, and protein categories - declined by roughly 1.5% during the quarter. That rate of decline was comparable to the prior quarter, indicating a continuation rather than a meaningful acceleration of volume trends across these end markets.
Synergy delivery and integration progress
The company achieved $55 million in synergies in the period, hitting the top end of its guidance range of $50-55 million. Amcor said those savings were primarily realized through G&A headcount reductions and procurement efficiencies, and included $5 million attributable to financial benefits. Management also reported revenue synergies have reached in excess of $100 million in annualized sales to date - an increase of more than $30 million compared with the prior quarter - as the company optimizes spending and specifications across its combined supplier base following the Berry integration.
Portfolio simplification and next-quarter outlook
Amcor continues to explore strategic alternatives for approximately $2.5 billion of non-core businesses, and noted constructive conversations specifically regarding its North America beverage segment. Looking ahead, the company expects to deliver between $70 million and $80 million in synergies in the next quarter.
Analyst reaction and peer commentary
Alongside Truist's reiteration of the Buy rating and $60 price target, Baird raised its price objective on Amcor to $54.00 from $50.00 and kept an Outperform rating in place. Baird cited expectations for a multi-year period of low double-digit earnings growth driven by synergies from the Berry Global acquisition.
Bottom line
The quarter was characterized by an earnings beat against expectations, a revenue miss, steady but slightly negative volume trends in core categories, and clearer progress on integration-related synergy delivery. Management's continued work to monetize non-core assets and the projected uplift in next-quarter synergies are central to forecasts and analyst positioning.
Note - This article reports the company's disclosed figures and the named analyst actions without extrapolating beyond the information provided by the company and the analysts.