Sonoco Products price target lowered to $60 from $71 at BofA

BofA lowered the firm’s price target on Sonoco Products (SON) to $60 from $71 and keeps a Buy rating on the shares. The firm updated forecasts for Louisiana-Pacific (LPX) and Sonoco after both companies’ results and guidance were moderately below consensus. The firm reiterates a Buy on Sonoco based on valuation, potential for cyclical improvement and optionality with Eviosys and other, previously announced transactions, the analyst noted.