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Wells Fargo Upgrades Sonoco Products (SON) Stock, Lifts PT

by TheAdviserMagazine
4 months ago
in Business
Reading Time: 2 mins read
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Wells Fargo Upgrades Sonoco Products (SON) Stock, Lifts PT
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On May 23, Wells Fargo analyst Gabe Hajde double upgraded Sonoco Products Company (NYSE:SON)’s stock to “Overweight” from “Underweight,” and raised the price objective to $55 from $45.

As per the firm’s analyst, the efforts to simplify the company with an emphasis on fewer but larger businesses continue to reach the advanced stages.

Wells Fargo Raises Sonoco Products (SON) Stock to Overweight

Aerial view of a factory producing consumer packaging and fiber-based protective packaging.

Furthermore, Wells Fargo believes that Sonoco Products Company (NYSE:SON)’s shares remain attractive because of the stock’s valuation hovering below the historical averages, and there is a relatively clear path to higher profits. As per Wells Fargo, Sonoco Products Company (NYSE:SON) remains focused on 3 key areas, all with leadership positions. These areas include metal packaging, rigid paper packaging, and industrial paper packaging.

The company continues to strengthen its balance sheet. With the sale of its Thermoformed and Flexibles Packaging business, Sonoco Products Company (NYSE:SON) has used after-tax proceeds of ~$1.56 billion to reduce debt. As a result, its net leverage ratio now sits at below 4.0x Net Debt/Adjusted EBITDA, and it is on track to achieve its targeted net leverage of 3.0x – 3.3x by 2026 end.

Sonoco Products Company (NYSE:SON) is engaged in designing, developing, manufacturing, and selling several engineered and sustainable packaging products.

While we acknowledge the potential of SON to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk.  If you are looking for an AI stock that is more promising than SON and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now

Disclosure: None.



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