Jefferies analyst Philip Ng believes Sealed Air's potential sale of Diversey for $3B-plus, rather than pursuing a spinoff, would be neutral to a modest negative. Assuming Sealed Air is able to find an accretive acquisition and use a large portion of the proceeds for buybacks, the divestiture would likely to be dilutive or neutral to earnings, free cash flow and its valuation, Ng tells investors in a research note, citing his analysis. He believes the more important driver for the shares is whether the company's organic growth accelerates. The analyst keeps a Hold rating on Sealed Air with a $45 price target.