UBS cuts Sonoco Products stock price target on weak food can demand
UBS reduced its price target for Sonoco Products (NYSE:SON) to $50 from $51, citing weak food can demand and inflation pressures. The stock trades at $49.31, with a Fair Value of $61.84 according to InvestingPro. Sonoco reported Q3 earnings of $1.67 per share on $2.04 billion revenue, missing estimates. The company lowered its full-year outlook, attributing challenges to inflation and volume declines. Truist Securities also cut its target to $59 but maintained a Buy rating.
