UPDATE: Bank of America Upgrades Sonoco Products Company to Buy, Raises PT Following 2Q Results

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

from Neutral to Buy, and raised the price target from $38.00 to $42.00. In the report, Bank of America noted, “Simply put, we think investors and the street are not paying sufficient attention to the turn occurring in several SON businesses, the impact created by relatively one-off factors that should reverse and assist earnings momentum in '13-'14 and, perhaps most importantly, a change in approach being brought by new CEO Jack Sanders to productivity, returns, and use of buyback. We think the odds are relatively high that investors will wind up being surprised by SON earnings power in the next 12 months.” Sonoco Products Company closed on Friday at $37.10.