UBS Cuts Price Target on Kimberly-Clark (KMB) Following 3Q Report
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UBS maintained a Neutral rating on Kimberly Clark (NYSE: KMB), and cut the price target to $123.00 (from $136.00), following the company's 3Q earnings report. KMB reported EPS of $1.52, compared to the consensus estimate of $1.54. 2016 ESP guidance was cut to $5.92-$6.05 (From $5.95-$6.15). On the positive, KMB exhibited strong FCF productivity, driven by working capital improvements as well as lower capex.
Analyst Stephen Powers commented, "Following on from soft Q3 results (Q3:16 EPS of $1.52 vs. UBSe/cons. of $1.57/$1.54), KMB lowered the high end of its FY16 EPS guidance (despite better FX) to $5.92-$6.05 (vs. $5.95-$6.15 prior), as well as its organic growth target to ~+2% (vs. the "lower end" of its +3-5% range prior). All-in sales in Q3 fell -2.6% (organic sales were flat), vs. UBSe/cons. of +0.5%/+0.2% (+3.1%/+2.8% organic), driven by difficult macros and intensifying competition across its categories. Q3 FORCE savings ($105M) helped KMB expand EBIT margins by +69 bps (vs. UBSe +109 bps) to 18.2%."
Shares of Kimberly Clark closed at $113.91 yesterday.
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