Orora's (ASX:ORA) core earnings per share forecasts were cut by 6% for fiscal year 2027, and by 7% for fiscal year 2028, Jarden said in a Tuesday note.

Its April trading update highlighted operating risks from the Middle East and softer demand.

Recent customer results show a dynamic of soft but improving volume performance, particularly for the global alcoholic beverage manufacturers in segments such as tequila and vodka, which Saverglass services.

However, seasonal demand swings to lower-margin products such as champagne and wine, as well as uncertain demand, have created a headwind to Saverglass earnings of 11 million euros to 16 million euros through the second half of fiscal year 2026, as guided by Orora.

The investment firm retained a neutral rating on Orora with a price target of AU$1.80 per share.