Sonoco Products price target raised to $71 from $70 at Citi

Citi analyst Anthony Pettinari raised the firm’s price target on Sonoco Products to $71 from $70 and keeps a Buy rating on the shares. Demand expectations for North America paper and packaging "have become more realistic, and inventories are largely right-sized starting out the year," Pettinari tells investors in a research note. The analyst sees a stock pickers market continuing in 2023, with select names seeing margin expansion as price/cost catches up. Packaging multiples are well off their lows relative to the S&P, but remain at a discount to pre-pandemic levels, writes Pettinari.