- Sealed Air (SEE +1.9%) is upgraded to Buy from Neutral with a $56 price target, up from $54, at Citigroup, which thinks investor concerns over the lack of full-year guidance raise, coupled with concerns on emerging markets and Brexit, are overdone.
- Citi expects SEE to benefit in H2 from easier organic sales comps, "with earnings growth driven by increased momentum in the U.S. beef cycle, continued growth in e-commerce sales and customer wins in Diversey."
- The firm notes that SEE booked 10% machinery growth in Q1, which typically is a leading indicator of future sales.