Jefferies Trims Numbers on Sealed Air (SEE), Maintains 'Buy' Rating

April 2, 2013 9:00 AM EDT Send to a Friend
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Price: $46.58 --0%

Rating Summary:
    6 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 7 | New: 3
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Jefferies trimmed estimates but raised its price target on Buy-rated Sealed Air (NYSE: SEE) from $25 to $27. The firm cited higher SAR expense.

"We are trimming our 2013 estimates to reflect higher SAR expense and the March polyethylene price increase," the analyst comments. "That said, we continue to be comfortable with the long term restructuring story under new CEO, Jerome Peribere's watch. We are encouraged by the new sense of urgency and mgmt's focus on being a price leader. That said, these changes will take time and should start flowing through more fully in 2014 and 2015."

The firm cut Q1 EPS from $0.21 to $0.18 and FY13 from $1.18 to $1.14.

For an analyst ratings summary and ratings history on Sealed Air click here. For more ratings news on Sealed Air click here.

Shares of Sealed Air closed at $23.82 yesterday.

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