Sealed Air upgraded to Outperform from Neutral at Baird

Baird analyst Ghansham Panjabi upgraded Sealed Air to Outperform from Neutral with an unchanged price target of $49. Following the stock’s “substantial underperformance” over the past 15 months, a lowering of 2023 earnings expectations is “already the baseline assumption on the Street,” the analyst tells investors in a research note. Irrespective of a “tough” Q2 earnings report, volume optics will improve substantially in Q3 and onward, with $4 earnings power for Sealed Air still realistic, says the firm.