Goldman Sachs Upgrades Sonoco Products (SON) to Neutral; Balanced Risk/Reward

July 24, 2012 7:24 AM EDT Send to a Friend
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Price: $40.19 -0.37%

Rating Summary:
    2 Buy, 10 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 24 | New: 21
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Goldman Sachs upgraded Sonoco Products (NYSE: SON) from Sell to Neutral with a price target of $33.00 (from $32.00).

Analyst, Alex Ovshey, removes shares of SON from Americas Sell List, and said, "Upgrading given: (1) we expect volume declines for SON’s Consumer (i.e. composite cans) and Industrial segments (i.e. tubes/cores) will moderate/flatten out in the 2H2012 given easing yoy comparisons, (2) SON’s EPS profile has proven to be more resilient than we had forecast on better price/cost, and (3) valuation is now fair, in our view." (FY12 EPS estimate from $2.30 to $2.33, FY13 from $2.50 to $2.58)

For an analyst ratings summary and ratings history on Sonoco Products click here. For more ratings news on Sonoco Products click here.

Shares of Sonoco Products closed at $29.26 yesterday.

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