UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Sealed Air Corp. Following Q2 EPS Report

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on

, and raised the price target from $19.00 to $29.00. In the report, Deutsche Bank noted, “Marked Improvement. Boosting PT to $29/share. Adj. Q2 EPS = $0.35/share vs. DB @ 0.26 & consensus @ $0.25/share. Vol's across all segments saw growth despite a tough backdrop. Boosting FY13 EPS est. from $1.15 to $1.18/share. We are making an overdue PT change – new mgmt is delivering improved margins in both legacy SEE and the acquired Diversey operations. At the same time, peer group multiples have risen significantly since we last reviewed our relative valuation for Sealed Air. We are boosting our PT from $19 to $29, but sticking with a Hold rating. Although the stock looks expensive versus most packagers, we acknowledge the bulls case built around reversal of a decade-long slide in margins as well as the potential for a hybrid valuation (packaging + Specialty chemicals).” Sealed Air Corp. closed on Friday at $30.36.