BofA Securities analyst George Staphos raised the price target on Sealed Air (NYSE: SEE) to $42.00 (from $41.00) while maintaining a Buy rating.

The analyst comments "We’ve maintained a Buy on Sealed Air (SEE) based on relative valuation, potential for cyclical improvement over time, and longer-term strategic opportunities. See our flash note here for additional 3Q details. Key points: (a) Yes, we lower 4Q as a precaution and in consideration of its guidance but SEE earnings held up better than anticipated, given the headwinds. Volumes were also a touch better than our model heading into 3Q (i.e., -6% on Protective versus our -7%); (b) In that regard, the step-by-step reestablishment of a vertical operating model for both Food and Protective is paying off in simplicity, operating leverage and greater cost clarity. Sealed Air is delayering. The greater accountability this enables helps both innovation and sales growth, and should ultimately drive more earnings; (c) Relatedly, SEE indicated that its “cost takeout to grow” (CTO2Grow) program will likely have upside beyond the currently targeted $140-160mn, even if such incremental is initially absorbed by Protective headwinds."