UPDATE: Bank of America Upgrades Bemis Company to Neutral, Reiterates $40 PT on Multiple Factors

In a report published Friday, Bank of America analyst George L. Staphos upgraded the rating on

from Underperform to Neutral, and reiterated the $40.00 price target. In the report, Bank of America noted, “We make some rating adjustments in this report. From a prior Buy, we downgrade Owens-Illinois to Neutral. Meantime, we now rate Bemis a Neutral, up from Underperform. These moves are not reflective of any ‘call' we are making on 3Q reporting season. Rather, our changes reflect consideration of several factors we discuss in the report including relative FX sensitivity. As mentioned in our September report,we expect investors to gravitate to the best quality performers and/or those with distinct catalysts. Moreover, given several points we discuss,we will hold our companies to the proverbial short leash relative to our theses and will be closely evaluating performance during reporting season.” Bemis Company closed on Thursday at $37.99.