UPDATE: KeyBanc Upgrades Bemis Company to Buy on Upside Potential to Consensus Estimates

KeyBanc upgraded Bemis Company (NYSE: BMS) from Hold to Buy with a $40 price target.

KeyBanc commented, "We are upgrading Bemis Company, Inc. (BMS-NYSE) from HOLD to BUY owing to our belief that the stock will outperform the packaging group over the next year. Even though we expect continued pressure on U.S. packaged food volume, and even though we estimate Bemis will have a roughly three-month lag in passing through changes in resin prices this year (which would be problematic in the event of rising resin prices), we think there is a good probability that the Company could top consensus estimates this year owing to significant cost savings."

Bemis Company closed at $34.40 on Wednesday.

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