SEE - Sealed Air upgraded at RBC after post-earnings selloff
Sealed Air ( NYSE: SEE ) +0.8% in Wednesday's trading as RBC Capital upgrades to Outperform from Sector Perform with a $70 price target, up from $66, saying the stock now trades at a more attractive level following Tuesday's 9% selloff following disappointing Q2 results .
RBC's Arun Viswanathan said he sees a 25% potential upside in the stock given the company's "modest" FY 2023 assumptions.
Sealed Air ( SEE ) "seems to be managing supply chain challenges and should continue to see strong equipment and systems sales and benefit from public venues reopening and continued growth in automation," the analyst wrote, seeing the potential for upward estimate revisions if the company continues to execute.
Viswanathan said his conversation with CFO Christopher Stephens highlights Sealed Air's ( SEE ) business transformation, confidence in strategy and continued growth in 2023.
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Sealed Air upgraded at RBC after post-earnings selloff