Bank of America Upgrades Sonoco Products Company to “Buy” (SON)
Sonoco Products Company (NYSE:SON) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Friday. The firm currently has a $47.00 price objective on the stock, up from their previous price objective of $44.00. Bank of America’s price target points to a potential upside of 10.93% from the company’s current price.
Shares of Sonoco Products Company (NYSE:SON) opened at 42.37 on Friday. Sonoco Products Company has a 1-year low of $33.59 and a 1-year high of $43.75. The stock’s 50-day moving average is $42.07 and its 200-day moving average is $41.53. The company has a market cap of $4.324 billion and a P/E ratio of 19.88.
Sonoco Products Company (NYSE:SON) last announced its earnings results on Thursday, April 17th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.01. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the company posted $0.50 earnings per share. The company’s revenue for the quarter was up .5% on a year-over-year basis. On average, analysts predict that Sonoco Products Company will post $2.50 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on SON. Analysts at Zacks reiterated a “neutral” rating on shares of Sonoco Products Company in a research note on Friday, June 6th. They now have a $45.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $41.13.
Sonoco Products Company (NYSE:SON) is a manufacturer of industrial and consumer packaging products and a provider of packaging services, with 347 locations in 34 countries.
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