Jefferies Raises Price Target on Spectrum Brands (SPB) to $160 Following Investor Day
- Wall St. opens higher as M&A activity boosts confidence
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- TD Ameritrade (AMTD) to Acquire Scottrade in $4B Cash & Stock Deal
- Pre-Open Stock Movers 10/24: (BEAV) (JPEP) (HLT) Higher; (BAS) (INO) (ADRO) Lower (more...)
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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."
Shares of Spectrum Brands closed at $133.49 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Reiterates Buy on PPG Industries (PPG) - PT to $113
- Wedbush Raises Price Target on Citizens Financial Group (CFG) Following 3Q EPS Beat
- Credit Suisse Downgrades Time Warner (TWX) to Neutral Following Takeover
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!