UPDATE: Credit Suisse Upgrades Sealed Air Corporation to Outperform Following Meeting with Management
Credit Suisse upgraded Sealed Air Corporation (NYSE: SEE) from Neutral to Outperform and raised the price target from $18.00 to $31.00.
Credit Suisse analyst John McNulty noted, "Our recent time spent with mgmt gave us confidence that the company is on the right track toward fixing the "legacy SEE" packaging business and has the potential to stabilize and potentially improve the "Diversey" business. All of this should translate into improved earnings growth and increased cash flow (from an already robust level) justifying multiple expansion while the increased deleveraging of the portfolio transfers incremental value to the shareholder."
Sealed Air Corporation closed at $24.15 on Thursday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.