SEE - Sealed Air cut to Neutral at JPM but shares near all-time high
Sealed Air (SEE +2.7%) is on the rise even after J.P. Morgan downgraded shares to Neutral from Overweight with a $71 price target, saying the company likely will continue to sustain inflationary headwinds in raw materials and its operating expenses amid higher labor and supply chain costs. JPM's Jeffrey Zekauskas notes Sealed Air has been a large outperformer both YTD and over the past year, up 54% in a market that is up just 9% over the past 12 months, and credits the outperformance to the company's strides in building out its equipment business and - until recently - as a beneficiary of lower raw material costs. Sealed Air shares have been trading near all-time highs after Q4 results roughly matched analyst expectations while guiding for better than forecast FY 2022 revenues.
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Sealed Air cut to Neutral at JPM but shares near all-time high