Argus upgrades Sonoco Products to Buy on strong guidance, attractive valuation

Argus analyst David Coleman upgraded Sonoco Products to Buy from Hold with a $67 price target after its Q4 earnings beat. The company’s balance sheet is solid and Sonoco Products has also issued strong 2023 guidance, the analyst tells investors in a research note. The firm further cites the stock’s "attractive" valuation at 10-times its expected 2023 earnings, which is below the average multiple of 13-times for its peer group.