Expectations for Orora's (ASX:ORA) fiscal first half results are very low, due to the uncertainty regarding the weak demand for alcohol and soft volumes, according to a Thursday report by Jarden.

The main driver for the company's near-term share price will be the performance of Saverglass, its glass supplying unit for wines and spirits, Jarden said.

In October, the company said Saverglass' performance did not meet its expectations in the first 18 months of ownership.

However, the company said it is confident that the changes it is making both in Australia and globally will ensure the future success of its glass business.

Though the market expects earnings misses from the segment, Jarden believes that the difference between inventory replenishment and retail sales could drive Saverglass' reasonable performance.

An on-market share buyback, along with first-half results, which also show that Saverglass' performance met expectations, can improve the company's earnings per share outlook, Jarden noted.

Jarden maintained the company's buy rating and its AU$2.60 price target.