Goldman Sachs Downgrades Bemis Company

Goldman Sachs is downgrading shares of Bemis Company, Inc. BMS to Sell, and is lowering its price target to $33 from $35. In a note to clients, Goldman writes, "We downgrade BMS shares to Sell from Neutral on less upside to our price target for BMS vs. our coverage (1% vs. 17%). We modestly lower our 2012-2013 EPS estimates for BMS and SEE (Not Rated) on higher resin costs. We lower our BMS 12-month PT to $33 (was $35). Historically, BMS shares have lagged peers when resin costs go up." Shares of BMS are down 78 cents in pre-market trading to $31.83, a loss of 2.4%.