UPDATE: Wells Fargo Downgrades Sonoco Products (SON) to Equal Weight, Catalysts Are Known and in the Price

April 8, 2021 1:21 AM EDT
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Price: $64.88 +0.87%

Rating Summary:
    3 Buy, 14 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 17 | Down: 13 | New: 41
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(Updated - April 8, 2021 7:15 AM EDT)

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."

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 $63.97 yesterday.

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