Sealed Air shares are trading lower on possible continued weakness after the company issued Q3 guidance and FY24 net sales guidance below estimates on Thursday. Also, Jefferies downgraded the stock from Buy to Hold and lowered its price target from $47 to $35.
Portfolio Pulse from Benzinga Newsdesk
Sealed Air shares are trading lower due to weak Q3 and FY24 net sales guidance and a downgrade from Jefferies, which lowered its price target from $47 to $35.
August 09, 2024 | 2:24 pm
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Sealed Air shares are trading lower after issuing weak Q3 and FY24 net sales guidance. Jefferies downgraded the stock from Buy to Hold and reduced its price target from $47 to $35.
The weak Q3 and FY24 guidance indicates potential revenue challenges for Sealed Air, which is likely to negatively impact investor sentiment. The downgrade from Jefferies and the significant reduction in the price target further reinforce the negative outlook, leading to a short-term decline in the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100