UPDATE: Wells Fargo Downgrades Sonoco Products (SON) to Equal Weight, Catalysts Are Known and in the Price
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Wells Fargo analyst Gabe Hajde downgraded Sonoco Products (NYSE: SON) from Overweight to Equal Weight with no change to the price target of $69.00.
The analyst stated "we believe valuation reflects known catalysts and potential for ongoing portfolio adjustments, rendering a more balanced risk/reward scenario. As such, we are reducing our rating on shares of SON to Equal Weight while our price target remains at $69. Our 2021 estimate is adjusted to $3.50 (prior $3.55) to reflect the recently (4/5) announced divestiture while our 2022 estimate is unchanged at $3.85 due to a better outlook for industrial volumes."
Shares of Sonoco Products closed at $63.97 yesterday.
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