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CS First Boston Cuts Sealed Air to 'Hold'

Credit Suisse First Boston cut Sealed Air (SEE) to hold from buy.

On Tuesday the company was hit by a court decision that expands asbestos litigants' claims. Analyst John McNulty says Judge Wolin, one of the judges hearing the W.R. Grace bankruptcy trial, handed down a negative ruling as to how Grace's solvency issue will be reviewed by the courts in regard to Cryovac's asset sale to Sealed Air, as well as the possibility of fraudulent conveyance. McNulty says the court ruled that the use of hindsight in determining Grace's asbestos liability, and its solvency/insolvency at the time of the Cryovac sale, is allowed. He doesn't see any clarity as to what the payout from Sealed Air would be if the company loses its case. McNulty also says he can no longer identify a fair value for the company, and he pulled his price target.

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