Citi upgraded Sealed Air to Buy from Neutral with a $41 price target. The analyst sees “line-of-sight” to mid-single-digit EBITDA growth year-over-year in 2024 on “easier-to-achieve” cost saves and volume inflection. In addition, Sealed Air has a “supportive valuation” and potential for portfolio actions “to move the needle,” the analyst tells investors in a research note. Sentiment on the stock has been highly negative with the shares down 37% year-to-date amid persistent volume challenges and downward earnings revisions, says Citi. However, the firm views the Q3 results as a potential catalyst, with upside from cost saves and a reiterated volume outlook after a sharply lowered bar in Q2. Citi believes the stock is positioned to outperform as negative earnings revisions end.
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