UPDATE: Citigroup Downgrades Bemis to Neutral on Earnings Risk

Citigroup reduced its rating on Bemis (NYSE: BMS) from Buy to Neutral and lowered its price target from $36 to $34.

Citigroup noted, "We are assuming coverage of BMS with a Neutral rating, downgrading from Citi's previous Buy rating. While the company has the potential to significantly grow cash in 2013-14 through optimization of its asset base, sluggish volume growth and commodity inflation in the food markets BMS is exposed to creates earnings risk."

Bemis closed at $30.48 on Monday.

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