Newell Brands (NWL): Bull Case Goes To $90 - Jefferies
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Jefferies analyst, Kevin Grundy, reiterated his Buy rating on shares of Newell Brands (NYSE: NWL) and cited it as a top pick after the recently announced portfolio divestitures are likely the first step in pruning JAH’s portfolio.
The analyst estimates pruning may be ~35% of the acquired brands over the next 2-4 years – ahead of the >25% divested by CEO Polk at NWL since ’12. The analyst's portfolio review suggests ~50 bps/~100 bps potential benefit to org sales/OM % and ~1x to NWL’s EV/EBITDA multiple from potential portfolio changes, driving a higher bull case of ~$90/share.
No change to the price target of $66.
Shares of Newell Rubbermaid closed at $52.25 yesterday.
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