Sonoco Products (SON) is up 7% today after the company raised earnings guidance for the first quarter. SON now expects a first-quarter EPS of $1.70 to $1.80, which is well above its previous guidance for EPS between $1.25 and $1.35 and also higher than the $1.00 per share achieved in the same quarter last year. Stronger-than-expected demand, higher pricing and the Ball Metalpack acquisition were all cited by the company as the reasons for the increased first-quarter guidance.

With the company now likely to earn over $5.00 a share this year, SON remains cheap. I am raising my buy under price to $65 and my target to $75. The dividend yield remains attractive at 3%.