UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Sonoco Products Company Following Company Investor Day

In a report published Thursday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on

, and raised the price target from $36.00 to $38.00. In the report, Deutsche Bank noted, “Raising PT from $36 to $38; Maintaining Hold rating. Sonoco's investor day offered a straight-forward review of the firm's position & strategy in its various market segments. Although ‘bolt-ons‛ are probable, SON's commentary suggests that a large acquisition is unlikely in 2014. At the same time, it does not appear Sonoco will make any meaningful retreat in consumer packaging. The biggest ‚show-me‛ will be the efficacy of the ‘i6‛ strategy in consumer packaging. At current price levels, we think the stock is fairly valued. We rate SON a Hold.” Sonoco Products Company closed on Wednesday at $40.26.