Truist Securities Reiterates Buy Rating on Sealed Air (SEE)

Truist Securities analyst Michael Roxland reiterated a Buy rating and $44.00 price target on Sealed Air (NYSE: SEE).

The analyst commented, "This morning, Sealed Air announced the appointment of Tony Allott to its Board of Directors. Mr. Allott was formerly President and CEO of Silgan Holdings (SLGN, Buy, $59 PT) from 2006 to 2021 (President from 2004 to 2019), COO from 2005 to 2006, and EVP and CFO from 2002 to 2004, during which time SLGN’s revenue more than doubled and market capitalization significantly increased. Before that, he was SVP and CFO of specialized plastic film manufacturer Applied Extrusion Technologies (private). At present, Mr. Allott serves in a director capacity at Waypoint Investors (private) and as Chairperson of the SLGN board in a non-executive capacity."

"Overall, we believe the appointment to be positive for SEE as it adds a director with industry leading experience who can lend expertise to new CEO Patrick Kivits. Mr. Allott brings a wealth of M&A experience from his time at SLGN during which the company completed 20+ deals from 2002 to 2021 (per Factset), including the acquisitions of WestRock’s (private) dispensing business in 2017 and Albéa (private) in 2020 which both afforded significant scale in dispensing. In our view, Mr. Allott can contribute key guidance should SEE pursue an outright divestiture of the Protective business, or trims less-attractive pieces of the business as it has in the past with Kevothermal."

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 $36.30 yesterday.

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