AMC struggled on Wednesday, closing down 3.25% after its established CEO retired for health reasons; we wish Ron Delia all the best. At the same time, the company reaffirmed fiscal guidance for 2024, but unfortunately, this is already a stock in decline, which now has a new problem to worry investors. This global packaging company has been struggling with declining volumes, and the loss of its 9-year veteran will give investors another reason to avoid the stock, i.e. if in doubt, stay out. NB: This is not an encouraging read-through for our position in Orora (ORA) across two portfolios.
- We can see AMC testing $13 over the coming months, or 7% lower.
MM is neutral toward AMC ~$14
Add To Hit List
