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

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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.

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This article appears in: Investing , Commodities

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