BofA/Merrill Lynch Upgrades Bemis (BMS) to Neutral

BofA/Merrill Lynch upgraded Bemis (NYSE: BMS) from Underperform to Neutral with a price target of $40.00.

Analyst George Staphos cited -13% underperfoamance ytd, and said dollar strength would tend to hurt BMS less than other stocks. Also while the transaction will generate relatively low proceeds and a low valuation multiple, they think Bemis is making the right move to divest its orphaned Pressure Sensitive Materials (PSM) business.

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

Shares of Bemis closed at $37.69 yesterday.

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