UPDATE: BMO Capital Downgrades Sonoco Products (SON) to Underperform

BMO Capital analyst Mark Wilde downgraded Sonoco Products (NYSE: SON) from Market Perform to Underperform with a price target of $58.00 (from $65.00).

The analyst comments "We are downgrading Sonoco from Market Perform to Underperform and reducing our target price from $65 to $58. The change comes as part of a broader reassessment of cyclical risk to industrial packagers. Despite having a large position in more cyclical industrial packaging, Sonoco is one of the few with positive YTD performance, the result of modest valuation, stable demand (to date), and positive price/cost through H1. However, end-market demand is dropping and apt to go lower. Pricing could easily follow. Although valuations are not difficult, we reduce our rating."

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 $64.86 yesterday.

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