UPDATE: Bank of America Upgrades Bemis Company to Buy on Macro Outlook
Bank of America raises its rating on Bemis Company (NYSE: BMS) 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.
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