UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Sealed Air Corp. Following Very Impressive Quarter

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

, and raised the price target from $38.00 to $40.00. In the report, Bank of America noted, “We maintain our Buy rating on SEE shares. Going into 2Q reporting, we viewed SEE as a turnaround story with attractive cash flow (FCF) and we were reaffirmed in this view. Performance was impressive on a number of fronts, especially considering the challenging volume environment. What really got our attention in the quarter was the (again) strong price/mix (up +3.4% for the company as a whole), continuing to rebut the skeptics, as well as the increased FCF guidance (to $485mn) and cumulative target ($1.7bn over 2014-2016, ex. next year's Grace payment refund) that drives a new, long-term incentive program. In bygone years, we had dubbed Sealed Air as ‘the ATM you can own.' Based on its performance and targets, it looks like we can roll that moniker out again. We continue to Buy. We'll review our forecasts and theses for all companies, post-earnings.” Sealed Air Corp. closed on Wednesday at $32.70.