UPDATE: Jefferies Raises PT on Sonoco Products Following 2Q13 Earnings Preview

In a report published Wednesday, Jefferies analyst Philip Ng reiterated a Hold rating on Sonoco Products SON, and raised the price target from $34.00 to $38.00.

In the report, Jefferies noted, “We expect 2Q results to be soft, driven by bad weather and FX, but we believe the news is baked into the stocks already. With weather normalizing, pricing flowing through more fully, and the group generating record FCF, we remain constructive on the sector.”

Sonoco Products closed on Tuesday at $35.86.