KeyBanc Starts Sonoco Products (SON) at Hold; Paper Increase Vs. Composite Car Decline

KeyBanc initiates coverage on Sonoco Products (NYSE: SON) with a Hold.

Analyst, Adam J. Josephson, said, "We are initiating coverage of Sonoco Products with a HOLD rating given that our estimates are in line with or below consensus over the next two years, the stock is trading at historical average multiples on our 2012 and 2013 estimates, and we do not expect a catalyst that would lead to significant upward estimate revisions in the foreseeable future."

Josephson noted the upturn in SON’s paper tubes and cores volumes, but doesn't expect a dramatic bounce higher, plus this is helping to overcome steady decline in composite car volume.

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 $31.67 yesterday.

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