Sonoco Products initiated with a Buy at Truist

Truist initiated coverage of Sonoco Products (SON) with a Buy rating and $63 price target Sonoco is a global manufacturer of a variety of highly engineered and sustainable packaging including rigid packaging and flexible packaging, primarily serving the consumer staples market, and the company is also the largest manufacturer of uncoated recycled board in North America, the analyst noted. Sonoco has been proactively rationalizing its portfolio, notes the analyst, whose Buy rating is predicated on the portfolio rationalization, improved mix, productivity, increasing consumer exposure, pricing power and potential for multiple expansion.