Sealed Air upgraded to Buy at BofA amid packaging restacking

BofA analyst George Staphos upgraded Sealed Air to Buy from Neutral with a price target of $52, down from $61. The firm is “restacking” its ratings in the packaging and paper products group heading into Q2 reports, noting that several of its changes attempt to prioritize to better valuations or financial positioning. For Sealed Air in particular, BofA notes that the company faces volume headwinds in protective packaging and food, but also notes the stock is “already at multi-year relative lows” and is trading at “one of the cheapest” points ever.