Sonoco Products price target lowered to $64 from $69 at Citi

Citi lowered the firm’s price target on Sonoco Products to $64 from $69 and keeps a Buy rating on the shares. The analyst cut multiples and target prices for North America packagers with heavy food and beverage exposure on the potential impact from Ozempic and other GLP-1 drugs. The firm says the drugs pose a risk to food and beverage volumes. Given the potential market size with 42% of Americans classified as obese, further adoption of the GLP-1 drugs could be an “existential problem” for food-exposed packagers, the analyst tells investors in a research note.