Sealed Air price target raised to $40 from $36 at Mizuho

Mizuho raised the firm’s price target on Sealed Air to $40 from $36 and keeps a Neutral rating on the shares. Following a series of corporate and channel checks, the analyst tweaked packaging models to reflect current trends. In general, for the packaging companies, volumes remain lackluster due to ongoing inventory destocking and consumers pulling back modestly on beverage cans as consumer product companies were too aggressive in raising prices, the analyst tells investors in a research note. The increased price target reflects higher market and peer multiples.