Sonoco Products price target lowered to $56 from $58 at Wells Fargo

Wells Fargo analyst Gabe Hajde lowered the firm’s price target on Sonoco Products to $56 from $58 and keeps an Equal Weight rating on the shares. The firm says Sonoco Products endured another quarter of de-stocking, accompanied by a weak first half of the year volume outlook and healthy second half recovery. Overall, Wells sees a neutral risk/reward given near-term price/cost headwinds, combined with an uncertain demand backdrop in 2024.