The Amcor CDI (ASX: AMC) share price has been a reasonably positive performer in 2021.
Since the start of the year, the packaging company's shares have risen just over 9%.
This is just a little short of the 12% gain recorded by the S&P/ASX 200 Index (ASX: XJO).
Can the Amcor share price rise from here?
The good news is that a recent note out of Morgans reveals that its analysts believe the Amcor share price can rise meaningfully from here.
According to the note, the broker has an add rating and $18.90 price target on the company's shares.
Based on the current Amcor share price, this suggests there's potential upside of approximately 15% over the next 12 months.
In addition, Morgans expects a 64 cents per share dividend in FY 2022. If you include this, the total return on offer stretches to almost 19%.
What did the broker say?
Morgans was pleased with Amcor's performance during the first quarter. Particularly considering the tough trading conditions it was facing from supply chain disruptions.
It commented: "Overall, we think it was a reasonable 1Q22 result given the major supply chain disruptions experienced during the period. We take comfort in underlying demand remaining strong, the challenges being largely expected and planned for by management, and the reiteration of FY22 guidance."
In light of this, it believes the Amcor share price is trading at an attractive level, especially given its defensive qualities.
"AMC is currently trading on 15.8x FY22F PE and 3.8% yield. We continue to see the valuation as attractive for a highly defensive business with strong global market positions and a well-regarded management team. We therefore maintain our Add rating with our PE-based target price moving to $18.90," the broker concluded.
All in all, this could make the packaging company a share to consider in 2022.
