Jefferies Raises Price Target on Spectrum Brands (SPB) to $160 Following Investor Day

October 13, 2016 7:25 AM EDT
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Price: $132.23 -1.61%

Rating Summary:
    11 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 25 | Down: 28 | New: 8
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Jefferies reiterated a Buy rating on Spectrum Brands (NYSE: SPB), and raised the price target to $160.00 (from $157.00), following the company's investor day. Management confidently highlighted its expectation to grow at double the rate of their core markets/GDP, with business leaders highlighting opportunities.

Analyst Kevin Grundy commented, "We remain bullish on SPB post co.'s upbeat presentation at its Investor Day in NYC. The co.'s value/FCF focus remains fiercely intact, and myriad growth avenues (product/geo/channel) should sustain SPB's topline momentum into FY17 and beyond (2x the industry, or ~4% organically vs. ~3.5% global staples). Shares remain undervalued at 17.4x EV/ULFCF (23% disc. to peers). Edging up FCF for recent debt refi. Remains a top pick. PT to $160."

For an analyst ratings summary and ratings history on Spectrum Brands click here. For more ratings news on Spectrum Brands click here.

Shares of Spectrum Brands closed at $133.49 yesterday.

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