2241 GMT - Morgan Stanley is bullish about bottle maker Orora despite tariff threats from the White House. "Though a 25% tariff on Mexican goods into the U.S. would be a net negative for Orora, we think this is well and truly in the share price at current levels," analyst Andrew G. Scott says. While the Americas region accounts for 28% of sales at Orora's Saverglass business, much of this volume is manufactured and sold within Mexico, Morgan Stanley says. Tequila is Saverglass's most significant spirits category, accounting for 23% of spirits volumes. Tequila is classified as protected designation of origin, meaning it cannot be sourced from other, tariff-free markets, Morgan Stanley says. "Orora does have the ability to serve U.S. markets from other locations, in particular from the RAK facility in Dubai," the bank adds. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 10, 2025 17:42 ET (22:42 GMT)
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