As previously reported, BofA Merrill Lynch analyst George Staphos downgraded Sonoco to Underperform from Neutral, stating that he expects sluggish Q2 revenue trends in the packaging and paper space and he favors a strategy of being overweight the combination of rigid packaging and some "lower quality stocks" that could benefit from an uptick in emerging markets and trade deal sentiment. Sonoco has outperformed year-to-date, noted Staphos, who fears a reversal of the downtrend in old corrugated container prices that had boosted earnings in Paper & Industrial Converted Products.