Deutsche Bank Starts Valvoline (VVV) at Hold
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Deutsche Bank initiated coverage on Valvoline (NYSE: VVV) with a Hold rating and a price target of $24. Analyst Bill Schmitz thinks opportunity is priced in.
"By harvesting the stable but secularly challenged cash flow of its core North American motor oil business, we see decent incremental growth drivers from further expanding the high return and faster growing instant oil change store base as it continues to globalize the Valvoline brand in international markets. However, with the stock trading in line with more stable and less commodity-reliant traditional consumer staples names, we are launching coverage of Valvoline with Hold and $24 price target," said the analyst.
Shares of Valvoline closed at $23.11 yesterday.
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