12:00 PM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our unchanged 12-month target of $58 assumes an EV/EBITDA of 8.0x our 2024 EBITDA estimate, which is a discount to SON's three-year average forward EV/EBITDA of 8.5x, warranted, in our view, by declining organic volumes. We decrease our 2024 EPS estimate by $0.30 to $5.18 and keep our 2025 EPS forecast at $5.68. SON posted Q1 adj. EPS of $1.12 vs. $1.40, $0.05 above consensus, despite a top-line miss of 2.3%. In the Consumer Packaging segment, adj. EBITDA remained flat Y/Y at $129 million, despite a 5% Y/Y drop in net sales. Volume is being negatively impacted by inflationary pricing, especially in snacks and confectionary markets; metal packaging was a mixed bag, as aerosol volumes increased Y/Y, but food volumes declined Y/Y. In the Industrial Packaging segment, net sales declined 4% Y/Y and adj. EBITDA dropped 21% Y/Y to $95 million, driven by weak sales in global converted products and continued price/cost pressures. SON delivered $51 million in cost savings, which helped offset volume and price headwinds.