BMO Capital analyst Mark Wilde downgraded Sonoco to Underperform and lowered his price target to $56 from $60 ahead of its earnings this week. The analyst says the the stock has run up 21% year-to-date and now trades at about 10.5-times his expected FY19 EBITDA and at 6.1% free cash flow yield, both of which are at the high end of their historical valuation ranges. Wilde further states that the company's industrial packaging markets remain weak and its recent acquisitions in thermoformed plastic packaging may be "vulnerable to environmental pressures."