Jefferies Remains Bullish on Spectrum Brands (SPB) Following 4Q - PT to $154
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Jefferies maintained a Buy rating on Spectrum Brands (NYSE: SPB), and cut the price target to $154.00 (from $160.00), following the company's 4Q report. SPB's reported -3.2% org sales were dragged down by four fewer shipping days and exiting unprofitable businesses. Underlying growth was in-line with Street.
Analyst Kevin Grundy commented, "Sorting through the transitory noise in 4Q, SPB delivered relatively in-line results, including ~3.5% underlying org sales. Industry growth appears to have slowed modestly, though mgmt. sounded confident on its ability to continue to gain market share and poised to supplement its organic growth agenda with M&A. 4Q was not SPB's finest, but LT story is unchanged and shares remain attractively valued at 17x EV/ULFCF (> 20% disc. to staples). PT to $154."
Shares of Spectrum Brands closed at $124.61 yesterday.
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