UPDATE: J.P. Morgan Downgrades Bemis on Macro Trends

In a report published on Wednesday, J.P. Morgan analyst Phil Gresh downgraded Bemis BMS from Overweight to Neutral and raised the price target from $41 to $44.

In the report, J.P. Morgan stated, "In our upgrade back in January (click here), we talked about four key levers that could drive upside for BMS: cost savings, mix benefits, capital allocation and easy volume comps. Today, we feel that the cost savings are fully in consensus, as are a portion of the mix tailwinds and buyback potential. Volumes, however, have remained a bit light, due mostly to weather and purposeful moves by the company. Looking ahead, therefore, the story becomes a bit more macro/volume dependent, with valuation essentially in line with peers on our new 2015E FCF."

Bemis closed on Tuesday at $40.57.