Clorox (CLX) Proves Conservative on Initial FY16 Guidance - UBS Raises PT to $110
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Rating Summary:
2 Buy, 17 Hold, 5 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 5 | Down: 5 | New: 2
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UBS reiterated a Sell rating on Clorox (NYSE: CLX), and raised the price target to $110.00 (from $105.00), following the company's 2Q earnings report. CLX reported $1.14 in EPS, beating consensus estimates of $1.05. This outperformance was driven largely by +210 bps in GM expansion. CLX did not raise FY16 guidance.
Analyst Stephen Powers commented, "CLX again posted a sizeable beat in FYQ2, delivering $1.14 in EPS vs. UBSe of $1.08 and consensus of $1.05. This outperformance was driven largely by +210 bps in GM expansion (vs. UBSe of +80 bps) as CLX enjoyed benefits from input deflation, pricing, and productivity. As was largely expected into the quarter (considering the stock's -5% move on Thursday), CLX raised guidance by $0.07 to $4.75-$4.90, partly accounting for the FYQ2 beat, but signalled more reinvestment going forward."
For an analyst ratings summary and ratings history on Clorox click here. For more ratings news on Clorox click here.
Shares of Clorox closed at $124.71 yesterday.
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