UPDATE: Goldman Sachs Upgrades Sonoco Products to Neutral on Favorable Risk/Reward
Goldman Sachs raised its rating on Sonoco Products (NYSE: SON) from Sell to Neutral and raised its price target from $32 to $33.
Goldman Sachs noted, "We upgrade Sonoco (SON) shares to Neutral from Sell given: (1) we expect volume declines for SON's Consumer (i.e. composite cans) and Industrial segments (i.e. tubes/cores) will moderate/flatten out in the 2H2012 given easing yoy comparisons, (2) SON's EPS profile has proven to be more resilient than we had forecast on better price/cost, and (3) valuation is now fair, in our view. We modestly raise our 12-month price target to $33 (was $32) on slightly higher forward EPS estimates."
Sonoco Products closed at $29.25 on Monday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.