Buy, Hold, Sell – Fisher & Paykel and Santos

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In the good books

Amcor Limited (AMC) Upgraded to Accumulate from Hold by Ord Minnett B/H/S: 1/5/0

Ord Minnett observes the stock has come under pressure in recent months following speculation it is looking to acquire Bemis Co, amid soft commentary at the AGM. The broker believes a deal with Bemis is unlikely at current levels and the trading headwinds that were flagged by management are temporary. The stock stands out from other industrials under coverage and the broker also notes upside to earnings expectations may stem from free cash flow being deployed into value-accretive acquisitions. Recommendation is upgraded to Accumulate from Hold. Target is raised to $16.85 from $16.10.

Aurizon Holdings Limited (AZJ) Upgraded to Outperform from Neutral by Macquarie B/H/S: 1/3/3

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