Sonoco price target lowered to $65 from $67 at BofA

BofA lowered the firm’s price target on Sonoco (SON) to $65 from $67 and keeps a Buy rating on the shares. The firm views Sonoco as one of the better risk/rewards in packaging & paper/forest, as it sees meaningful upside to its price target of $65, with incremental margin coming particularly on the paperboard side in cans, industrial products, and board. Sonoco’s quarter and guide were in-line in total with strong productivity and price cost offsetting weaker volume, and the firm remains a buyer, with Wednesday’s roughly 18% drop providing even more upside, the analyst tells investors in a research note.