- Seaport Global analyst Mark Weintraub downgraded Sonoco Products Co (NYSE: SON) to Neutral from Buy.
- The analyst noted Sonoco’s stock price has been catching up with his view of company value, returning 19%+ since the Feb 11 report.
- The analyst added that Sonoco has rallied past its previous price target of $66. Consequently, Weintraub has stepped to the sidelines for now.
- Meanwhile, Weintraub raised the FY22 estimate by 9% to $5.45, to the top end of the company’s revised guidance.
- Sonoco reported revenue of $1.77 billion for the first quarter, beating the consensus of $1.74 billion.
- Price Action: SON shares are trading lower by 4.25% at $63.97 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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