UBS Cuts Price Target on Clorox (CLX) to $111 Following 1Q EPS Miss
- Wall St. edges higher as earnings gather pace
- Alibaba (BABA) Tops Q3 EPS by 17c, Revenues Rise 54%
- DuPont (DD) Tops Q4 EPS by 9c; Sees Merger Closing in First Half
- Johnson & Johnson (JNJ) Tops Q4 EPS by 2c; Guides Modestly Below the Street
- Pre-Open Stock Movers 01/24: (MPSX) (IIVI) (AKS) Higher; (FSM) (OCUL) (VZ) 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.
UBS maintained a Sell rating on Clorox (NYSE: CLX), and cut the price target to $111.00 (from $118.00), following the company's 1Q earnings report. CLX missed EPS, reporting $1.36 compared to consensus of $1.42. CLX lowered FY17 EPS guidance to $5.23-$5.43 (from $5.38-$5.58 prior).
Analyst Stephen Powers commented, "For the second consecutive quarter, CLX missed EPS (delivering Q1:17 EPS of $1.36 vs. UBSe/cons. of $1.41/$1.42). Revenues grew +4.0% (vs. UBSe/cons. of +3.2%/+2.8%) and +6.0% FX-neutral (vs. UBSe +5.5%) on strong volumes (+8.0%) and help from M&A (a ~+2.0% contribution from Renew Life)—however, weaker gross margins (-61 bps vs. of UBSe +20 bps) and higher taxes (32.2% vs. UBSe of 30.5%) weighed on results. Additionally, CLX lowered FY17 EPS guidance to $5.23-$5.43 (from $5.38-$5.58 prior) as it now expects a lower tax benefit (~$0.15) from the adoption of ASU 2016-09, although it maintained underlying FY17 EPS guidance of $5.13-$5.28."
Shares of Clorox closed at $115.67 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Zions Bancorp (ZION) PT Lowered to $49 at FIG Partners Following 4Q EPS Beat
- Jefferies Downgrades NantKwest (NK) to Hold
- UBS Reiterates Buy on Oracle (ORCL) Following Reports of Restructuring
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesUBS, Earnings
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!