UPDATE: Goldman Sachs Reduces PT to $15 on Sealed Air Corporation Following Weak Q2

Goldman Sachs reiterated its Neutral rating on Sealed Air Corporation

and reduced its price target from $17 to $15. Goldman Sachs said, "On August 2, Sealed Air (SEE) reported 2Q2012 EPS (excluding items) of $0.20, well below our estimate of $0.37 and consensus of $0.35. The downside to our forecasts was driven by sharply weaker profitability in the Food Packaging segment, and in Diversey (cleaning solutions). Food Packaging EBIT margins were 410 bp below our estimate, reflecting what appears to be one-time cost items in South America and structurally weaker profits in Australia." Sealed Air Corporation closed at $13.82 on Friday.