12:55 PM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our unchanged 12-month target price of $38 assumes SEE will trade at an EV/EBITDA of 8.8x our 2024 EBITDA estimate, a discount to SEE's three-year average forward EV/EBITDA of 9.3x, but a small premium to peers (which are trading at an average multiple of 8.4x). We increase our 2024 EPS estimate by $0.14 to $3.04 and our 2025 EPS forecast by $0.02 to $3.31. SEE posted Q1 adj. EPS of $0.78 vs. $0.74, $0.25 above consensus, driven by a top-line beat of 3.8%. We think most of the beat relative to guidance and relative to consensus was driven by stronger-than-expected demand in the Food segment. Food sales increased 2% Y/Y, with organic volume up 3% Y/Y amid strong demand for bags (case ready and automated solutions). The Liquibox acquisition also improved sales by 3% from the additional month of contributions in 2024. Pricing was down 4% Y/Y, which drove a 3% Y/Y decline in Food adj. EBITDA. In the Protective segment, sales fell 7% Y/Y, but cost savings helped drive an 11% Y/Y increase in adj. EBITDA.