Citi trims Sonoco target, opens ‘upside 90-day catalyst watch’

Citi lowered the firm’s price target on Sonoco (SON) to $55 from $56 and keeps a Buy rating on the shares. The analyst also opened an “upside 90-day catalyst watch” on the shares ahead of the Q3 report on October 22. The Thermosafe sale closure by the end of 2025 completes Sonoco’s portfolio transformation, the analyst tells investors in a research note. Citi thinks Sonoco will lay out a new capital allocation strategy, which could include share buybacks.