Wells Fargo Assumes Bemis (BMS) at Market Perform; Believe Risk/Reward is Currently Balanced

Wells Fargo assumes coverage on Bemis (NYSE: BMS) with a Market Perform. PT range $30-$33.

Wells analyst said, "We view BMS as an innovative company and a technology leader within several of its key end markets (processed meat and cheese, dairy and liquids, and health & hygiene). In addition, we believe the Alcan acquisition represents a major step toward consolidating the flexible packaging space in North America and look for continued synergy opportunities as the integration continues. In the current phase of integration, we believe BMS is evaluating options for further capacity optimization (including work force reductions and several small plant closings). However, we anticipate savings opportunities could be somewhat masked in the near term as rising food costs likely will lead to sluggish volumes heading into 2012."

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 $30.00 yesterday.

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