Sonoco Products downgraded to Underweight from Neutral at JPMorgan JPMorand is more cautious on Sonoco's emerging market and plastics strategies and its ability to achieve above cost returns near-term. Price target lowered to $32 from $34.
Sonoco sees FY14 base EPS at or slightly above $2.46-$2.51 prior view Consensus $2.50. "We are pretty optimistic as we close the book on what will be a record performance in 2014. The start to the fourth quarter has been very encouraging, particularly in our consumer-related businesses, and now we believe we should achieve or exceed the high end of our guidance for the quarter and 2014, including some recovery of excess costs associated with a previously mentioned flexible packaging material issue," said CEO Jack Sanders.