William Blair downgraded Sealed Air to Market Perform from Outperform without a price target following the announcement that current CEO Ted Doheny is stepping down immediately. While the franchise overall is strong, especially on the food side, the “elongated trough and destocking on top of weak markets as well as internal volatility has led to inconsistent performance,” the analyst tells investors in a research note. The firm expects a period of uncertainty to persist and awaits a better entry point and fundamentals. It anticipates headwinds from GLP-1s on food and packaging, whether real or perceived, may provide a near-term overhang as well.
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- Early notable gainers among liquid option names on October 24th
- Sealed Air downgraded to Market Perform from Outperform at William Blair
- Sealed Air backs FY23 adjusted EPS view $2.75-$2.95, consensus $2.87
- Sealed Air CEO Ted Doheny steps down
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