Food-packaging firm Sealed Air falls as brokerages cut PT

Sealed Air

11/08/2023 15:14

** Shares of food-packaging company Sealed Air  SEE.N  fall
~1% to $38.5 in early trade after Truist Securities and UBS cut
PT
    ** Brokerage UBS cuts PT to $44 from $54 and downgrades
stock to "neutral", saying "SEE's backlog is now declining as
customers reduce capex spend; and reduced secondary packaging is
negatively impacting Protective volumes"
    ** Brokerage Truist Securities cuts PT to $43 from $48 and
maintains "hold" rating as SEE is "contending with multiple
headwinds"
    ** YTD, stock down 21.87% vs a 11.18% rise in the Dow Jones
Industrials Index  .DJUSIN  
 

 (Reporting by Aishwarya Jain)
 ((Aishwarya.Jain@thomsonreuters.com))