UPDATE: Bank of America Upgrades Bemis Company to Buy on Macro Outlook

Bank of America raises its rating on Bemis Company

from Underpeform to Buy and maintains its $36 price objective on shares. Bank of America notes, "We raise BMS to Buy from Underperform, with the expectation that it should be a good defensive investment. Why the move? Our overarching view has been that packaging and paper/forest growth should rebound after 4Q-1Q destocking. However, global economic data has been worsening including Friday's negative jobs report and China's drop in the PMI. As such, we are adding a bit more ballast to our recommended list until the overall economic outlook becomes clearer." BMS closed at $30.99 on Thursday.