Jefferies Upgrades Sealed Air Corp To Buy

According to Jefferies, Sealed Air Corp SEE is upgraded to Buy. Jefferies said that while SEE is in the penalty box for the Diversey acquisition, it feels it's a good business and the transaction is highly accretive. “SEE is trading at 7.2x 2011E EV/EBITDA and 13.6x 2011E P/E. On a 2012 PF basis including Diversey, the stock is trading at 10.1x P/E and an 11.3% FCF yield. We are raising our PT to $29 based on 7.9x 2012E EV/EBITDA, with the major risks including a slowdown in demand, share loss, and spike in raw material costs.” Sealed Air Corp closed yesterday at $23.06.