UPDATE: Jefferies Downgrades Sealed Air Corp. to Hold, Reiterates $33 PT as Turnaround Baked into Stock

In a report published Thursday, Jefferies analyst Philip Ng downgraded the rating on

from Buy to Hold, but reiterated the $33.00 price target. In the report, Jefferies noted, “We are encouraged by the initiatives SEE is implementing and believe the turnaround is underway, but with the stock doubling this past year and trading at a full valuation (9.2x 2014E EV/EBITDA), we are downgrading the stock to a Hold and believe the market is already giving the company credit for the initiatives.” Sealed Air Corp. closed on Wednesday at $30.35.