Sonoco upgraded to Overweight from Underweight at Wells Fargo

Wells Fargo analyst Gabe Hajde double upgraded Sonoco (SON) to Overweight from Underweight with a price target of $55, up from $45. Sonoco’s efforts to simplify the company with increased focus on fewer but larger businesses is reaching the late stages, the analyst tells investors in a research note. The firm says that with the stock’s valuation well below historical averages and a “relatively clear path to higher profits,” it views the shares as attractive. Sonoco is now focused on three key areas, all with leadership positions – metal packaging, rigid paper packaging, and industrial paper packaging, Wells contends.