Sealed Air price target lowered to $38 from $43 at Truist

Truist analyst Michael Roxland lowered the firm’s price target on Sealed Air to $38 from $43 and keeps a Hold rating on the shares. The analyst is citing various headwinds in both Food and Protective that inhibit the company’s EBITDA and volume growth, the analyst tells investors in a research note, also stating that Sealed Air’s Cryovac business is facing increasing competitive threats. Truist adds that Sealed Air’s leverage remains elevated as it is limited in its ability to reduce debt in 2023 given its $175M IRS tax settlement payment.