ORA - Morgans rates the stock as Add
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Orora's result was broadly in line with the broker but ahead of consensus. North America posted a strong performance while Australasia benefitted from self-help programs, the broker notes, which offset cost headwinds.
With debt well below management's target range, the company has plenty of capacity to pursue growth options, the broker suggests. Another solid result provides increased confidence in Orora's ability to execute on its growth strategy.
Add retained, target rises to $3.22 from $3.09.
Target price is $3.22.Current Price is $2.98. Difference: $0.24 - (brackets indicate current price is over target). If ORA meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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