Amcor (ASX:AMC) needs a sustained shift to volume growth for investors to mark a higher multiple to Amcor's earnings, according to a Thursday note by Jefferies.

Amcor managed inflationary impacts into the fiscal fourth quarter by passing through around AU$300 million of higher raw materials to customers.

The brokerage reduced December quarter earnings-per-share by around 7%, reflecting higher corporate costs/interest/tax, while making minimal operational earnings changes.

Despite overall volume growth of around 0.5% in the fiscal fourth quarter, Jefferies remained cautious on industry sales based on a weak US low-end consumer and other headwinds affecting food spend.

The investment firm retained a hold rating on Amcor and a price target of AU$64.17 per share.