Sonoco Products (SON) PT Raised to $47 at Jefferies
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Jefferies analyst Philip Ng bumped his price target on Sonoco Products (NYSE: SON) to $47.00 (from $46.00) while maintaining a Hold rating following results.
Ng commented, "While the consumer business is performing better than anticipated and industrial should improve, we remain on the sidelines due to valuation. Separately, SON appears to be close to acquiring a consumer packaging business, and we're encouraged it's showing good discipline and the size of the deal now seems to be more palatable, which should be better received by investors."
The firm raised FY 2016 EPS from $2.72 to $2.74 and trimmed FY 2017 EPS from $2.95 to $2.86.
Shares of Sonoco Products closed at $50.90 yesterday.
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