Oppenheimer Reiterates Outperform Rating, $36 PT on Sonoco Products Company on 4Q12 Results

In a report published Wednesday, Oppenheimer reiterated its Outperform rating and $36.00 price target on Sonoco Products Company

. Oppenheimer noted, “In a sign of stabilization of the business, 4Q12 adjusted EPS of $0.56 beat our $0.54 est., owing to better than expected revenue growth and SG&A cost control. Management increased full year 2013 EPS guidance by $0.02 to $2.26-$2.34, owing to an after-tax decrease in expected pension expense. The company introduced 1Q13 EPS guidance of $0.50-$0.54. We maintain our 1Q13E/2013E EPS of $0.53/ $2.31 for FY2013. Maintain Outperform and $36PT.” Sonoco Products Company closed on Tuesday at $31.78.