Jefferies Initiates Coverage On SON

Jefferies is initiating coverage of Sonoco Products SON with a Hold rating and a price target set at $38. In its report, Jefferies writes, “While we like Sonoco's total solutions approach and believe it is a great operator, with shares trading in line with its historical average and a lack of M&A activity, we are initiating coverage with a Hold rating and a $38 price target.” SON closed yesterday at $34.78.