UPDATE: Jefferies Lowers PT to $34 on Sonoco Products on Global Industrial Slowdown - Sonoco Prods (NYSE:SON)

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Jefferies reiterated its Hold rating on Sonoco Products (NYSE: SON) but reduced its price target from $37 to $34. Jefferies commented, "[W]ith the global industrial economy showing signs of a slowdown, we are trimming our EPS estimates for 2012 (from $2.41 to $2.39) and 2013 (from $2.69 to $2.67) modestly, and lowering our price target to $34 (based on 7.3x 2012E EV/EBITDA) to bake in multiple compression. Regardless, shares should find support at current levels, with the stock trading with a 4% dividend yield."Sonoco Products closed at $29.79 on Wednesday.

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