Analyst Actions: Sonoco Products Drops 3%; Barclays Maintains Rating, Trims Price Target and Cuts Q3 EPS Ests

By Staff,

Shutterstock photo

Sonoco Products ( SON ) is down in late afternoon trade after Barclays said it maintains its Equalweight rating but lowered its price target to $32.00 from $33.00 and trimmed Q3 estimates.

Analyst Scott L. Gaffner lowered his estimates on SON after the company pre-announced Q3 results in which it cut EPS estimates from $0.62-$0.66 to $0.51-$0.53. Gaffner also notes that SON's Q2 conference call hinted at end market weakness as well and that these issues may continue to be a headwind.

For Q3, Barclays cuts SON's EPS estimate from $0.63 to $0.52, FY12 EPS estimate from $2.35 to $2.22 and FY13 from $2.55 to $2.50.

SON is down more than 3% at around $30 on volume of 1.20 mln vs the 30-day avg of 328,782. It trades in a 52-week range of $26.10 - $34.83. Shares have fallen 4% in the last 12 months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: SON

More from MT Newswires


MT Newswires

MT Newswires

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by