UBS analyst Curt Woodworth assumed coverage of Sealed Air with a Neutral rating with a price target of $39, up from $34. The firm doesn’t see a volume inflection point until mid-2024 when destocking and macro trends should inflect higher, and views Sealed Air as a company in transition both at a leadership and portfolio level as the company evaluates portfolio optimization outcomes and refocuses on near-term strategic actions to improve organic growth, the analyst tells investors in a research note. While volumes are likely at a trough, net pricing poses a risk for 2024, the firm adds.
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