Sealed Air, Weyerhaeuser, Sylvamo gain as BofA upgrades to 'buy'

Sylvamo

10/07/2023 14:20

** Shares of some packaging, forest and paper product cos
rise premarket 
    ** Sealed Air Corp  SEE.N  up 2.3%, Weyerhaeuser Co  WY.N 
gains 1.6% and Sylvamo Corp  SLVM.N  adds 5.2%
    ** BofA Global Research upgrades SEE, WY and SLVM to "buy"
from "neutral"
     ** Brokerage says upgrades on SEE and SLVM reflects
attractive valuation in their stocks despite headwinds for cos 
    ** BofA also raises PT for WY to $38 from $34; says co's
exposure to timber exports, land values and carbon capture
beneficial despite impact of high interest rates on housing
segment
    ** Up to Friday's close, SEE and SLVM down ~18% and ~16% YTD
respectively, while WY up 10.8% YTD

 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))