AMC is facing a number headwinds. (1) Raw material input costs...

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    AMC is facing a number headwinds. (1) Raw material input costs are up, particularly resin costs. The increase has continued throughout 2H18 and will hurt margins. The pass through lag is widening. (2) North American beverage volumes remain sluggish despite expectations of some improvement. (3) Emerging Market volumes are still weak in conjunction with tobacco packaging. Phillip Morris downgrades last week. Conclusion: I reckon AMC downgrade guidance at the Macquarie conference in early May
 
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