Sonoco Products (SON) Order Patterns Unchanged, Notes Analyst

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Following soft guidance announced on Friday, Jefferies maintained a Hold rating on diversified packaging company, Sonoco Products (NYSE: SON), and trimmed its price target to $33.00 (from $35.00). Analysts noted that while guidance was light, the shortfall was non-operating related.

"We are trimming our 2013 EPS estimate, but we are encouraged SON has not seen any real change in demand and order patterns ahead of a potential fiscal cliff," said analyst Philip Ng.

"That said, with OCC prices up another $15 / ton in December, we are reducing our 4Q12 EPS estimates by $0.01, but mgmt expects OCC prices to fall early next year with export demand remaining soft."

For an analyst ratings summary and ratings history on Sonoco Products (NYSE: SON) click here. For more ratings news on Sonoco Products click here.

Shares of Sonoco Products closed at $29.76 yesterday, with a 52 week range of $28.61-$34.83.

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