Amcor's ASX:AMC) earnings are expected to turn this year after a rough 2025, pumped by synergies from the Berry acquisition in the second half and a recovery in volumes in its non-core business, Jefferies said in a note on Wednesday.

The investment firm said the low-end of annual EPS guidance is likely a "worst case" scenario if improving volume trends in the first half continue into the second.

Jefferies kept its forecast for fiscal year 2026 earnings unchanged at around AU$4.05, up from AU$3.57 recorded last year.

The packaging company's core profit is set to rise by around AU$300 million, driven by AU$100 million in cost synergies from the acquisition, AU$100 million from seasonal strength, AU$50 million from a reduced drag in the non-core beverage business, and a further AU$50 million from a pickup in volumes.

Jefferies maintained its buy rating on Amcor but lowered its price target to AU$83.26 from AU$85.91.