UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Sealed Air Corp. Following Investor Sessions

In a report published Thursday, Bank of America analyst George L. Staphos reiterated a Buy rating on Sealed Air Corp.

, and raised the price target from $25.00 to $28.00. In the report, Staphos noted, “We recently had the chance to check in with our sources in and around Sealed Air, and host a number of investor sessions. While there are headwinds, we come away more confident in the multi-year turnaround and rebound occurring at Sealed Air and are raising our PO to $28. ‘Job Number One' for the company right now appears to be stabilization of margins and returns. Management's focus appears centered on cost-reduction in Europe and some contract awards in the US, amongst other points. It won't be easy but some margin recovery in Diversey's Institutional & Laundry (I&L) looks possible. We raise our EBITDA margin forecasts in 2014 from a 60bp increase to a 100bp increase.” Sealed Air Corp. closed on Wednesday at $24.23.