Jefferies Lowers Price Target/Estimates On Sonoco Products (SON)

Jefferies lowered estimates and its price target on Hold-rated Sonoco Products (NYSE: SON) from $38 to $37 following Q2 results saying no major catalyst is on the horizon.

The firm comments, "Improved productivity and new products should help offset higher OCC prices and a more cautious consumer, but there's no major catalyst in the near-term, in our view. That said, SON has one of the strongest balance sheets and could refuel its growth profile through M&A, but in the meantime we remain comfortable with our Hold rating."

The firm lowered FY11 EPS from $2.57 to $2.46 and FY12 from $2.83 to $2.70.

For more ratings news on Sonoco Products click here and for the rating history of Sonoco Products click here.

Shares of Sonoco Products closed at $33.38 yesterday.

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