Truist Securities Starts Sonoco Products (SON) at Buy

Truist Securities analyst Michael Roxland initiates coverage on Sonoco Products (NYSE: SON) with a Buy rating and a price target of $63.00.

The analyst comments "We initiate coverage of Sonoco Products Inc. (SON) at BUY with a $63 price target. Our BUY rating is predicated on SON's portfolio rationalization, improved mix, productivity, increasing consumer exposure, pricing power and returns in URB, and potential for multiple expansion. We initiate coverage of Sonoco Products Inc. (SON) at BUY with a $63 price target. With forecast revenues of ~$6.5bn in 2024, SON is a global manufacturer of a variety of highly engineered and sustainable packaging including rigid packaging (paper, metal, and plastic) and flexible packaging, primarily serving the consumer staples market focused on food, beverage, household, and personal products. The company is also the largest manufacturer of uncoated recycled board (URB) in North America, which provides the raw materials for the company’s fiber-based packaging and which it also converts into textile cones & cores, protective posts, paper mill cores, film cores, and rigid paper cans."

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 $51.92 yesterday.

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