The Amcor Limited (ASX: AMC) share price is up 4% today despite the consumer goods packaging business not releasing any specific news to the market.
Sharp share price movements for $24 billion blue-chip giants like Amcor on the back of no company news will sometimes be down to a powerful sell side broker upgrading the stock to a 'buy' rating or equivalent.
According to my colleague Brendon Lau both Macquarie Group Ltd (ASX: MQG) and Citi analysts have a 'buy' rating on the stock as at August 2019 and it's easy to see why this is a popular business with local investors.
It has a reasonably consistent track record of long-term dividend and profit growth backed up by relatively defensive revenue streams as demand for global packaging generally rises over time.
It also offers local investors overseas exposure with nearly all of its profits earned overseas. Moreover, it reports and pays dividends in US dollars which is another bonus for investors given how the Australian dollar has been depreciating for several years now.
Macquarie reportedly has a $17.19 12-month share price target on Amcor, which means at $14.61 this morning the stock still has plenty of upside if Macquarie is on the money.
Another popular industrials business investors might want to take a look at in the global crates space is Brambles Limited (ASX: BXB).
