Jefferies Lowers PT On BMS To $35

Jefferies is lowering its price target from $37 to $35 on Bemis (NYSE:

) following the company's 2Q11 results, but is maintaining its Hold rating on the stock. Says Jefferies, in the report, “We are trimming our estimates to reflect softer volumes and slower margin recovery. While margins should improve with resin pulling back, due to the lack of visibility in demand, we remain comfortable with our Hold rating.” BMS closed at $32.14 yesterday.