Piper Jaffray Starts Spectrum Brands (SPB) at Overweight
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Piper Jaffray initiates coverage on Spectrum Brands (NYSE: SPB) with a Overweight rating and a price target of $147.00.
Analyst Stephanie Wissink commented, "We are initiating coverage of Spectrum Brands with an Overweight rating and $147 price target. We see SPB as a core holding with appreciation potential. We are attracted to SPB's diversified business, strong capital position, and potential to further augment the mix with additional accretive acquisitions. Through cost rationalization efforts, the company has unlocked mid-P&L spending power to redirect toward brand development, innovation, and sales growth, while also passing through incremental profit to the bottom line. Despite the end markets being intensely competitive, we favor SPB's distinct position in the value range. Any sort of macroeconomic wavering could support a trade toward SPB brands, lending to volume upside to our +LSD organic growth estimates. Our $147 PT is based on 12.5x EV/FY2E EBITDA.."
Shares of Spectrum Brands closed at $134.20 yesterday.
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