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

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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, with a 52 week range of $26.10-$34.83.

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