Jefferies Starts WD-40 (WDFC) at Hold
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Jefferies initiates coverage on WD-40 (NASDAQ: WDFC) with a Hold rating and a price target of $120.00.
Analyst Daniel Rizzo commented, "WD-40 enjoys strong brand recognition, positive end market trends and share gains--particularly overseas. Total cash returns have exceeded 10% since 2010, helped by a sharp increase in financial leverage since 2012. Leverage ratios are now near the industry average. The pace of buybacks likely slows, but underlying fundamentals still support a 10% EPS CAGR through 2019. Valuation multiples leave little margin for error. Initiate with a Hold rating, $120 target."
Shares of WD-40 closed at $118.09 yesterday.
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