UPDATE: Citigroup Upgrades Sealed Air Corporation to Buy on Execution Stabilization
Citigroup upgraded Sealed Air Corporation (NYSE: SEE) from Neutral to Buy and raises the price target from $18.00 to $22.00.
Citigroup noted, "In our view Diversey has suffered from inconsistent execution caused by an overly complex management structure and multiple owners with shifting priorities. We think the business has begun to stabilize and model modest 10% EBITDA margin in 2013, consistent with 3Q results. We believe there is upside to our estimates, as a 100bp in margin improvement could add $1.25 to the stock price. Any multiple expansion would be further free upside for the stock."
Sealed Air Corporation closed at $18.28 on Tuesday.
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