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Benzinga

Business

Shivani Kumaresan

Seaport Global Downgrades Sonoco Products - Read Why

SON (Organization) Sonoco Seaport Global NYSE Sonoco Products Co

Seaport Global analyst Mark Weintraub downgraded Sonoco Products Co (NYSE: SON) to Neutral from Buy.
The analyst noted Sonoco’s stock price has been catching up with his view of company value, returning 19%+ since the Feb 11 report.
The analyst added that Sonoco has rallied past its previous price target of $66. Consequently, Weintraub has stepped to the sidelines for now.
Meanwhile, Weintraub raised the FY22 estimate by 9% to $5.45, to the top end of the company’s revised guidance.
Sonoco reported revenue of $1.77 billion for the first quarter, beating the consensus of $1.74 billion.
Price Action: SON shares are trading lower by 4.25% at $63.97 on the last check Friday.

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