Truist Securities analyst Michael Roxland reiterated a Hold rating on Sealed Air Corporation (NYSE: SEE), lowering the price target from $43 to $38.
According to the analyst, Sealed Air is facing various headwinds in both the Food and Protective segments, inhibiting EBITDA and volume growth.
Roxland notes that the company's key Cryovac business is under threat from increasing competition, particularly from Amcor Plc's (NYSE: AMCR) acquisition of Moda, which enhances its competitive stance in food packaging.
Roxland adds that SEE is facing weakness in retail demand as consumers are opting for lower-cost proteins, impacting the demand for SEE's Cryovac roll-stock products.
SEE is limited in its ability to reduce debt in 2023 due ...
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