SunTrust Downgrades Spectrum Brands (SPC) to Neutral
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SunTrust Robinson Humphrey downgrades Spectrum Brands (NYSE: SPC) from Buy to Neutral, because the company is not expected to sell one or two of its business units while there are limited number of short-term catalysts.
Analysts said, "Our downgrade is not a reflection on the recent performance or future expectations for the company. In our opinion, SPC has made great strides in stabilizing the business over the past year, posting YoY and sequential quarterly improvement over the past three quarters. We expect this progress to continue throughout FY08 and into FY09 with the help of more favorable weather conditions for the Home & Garden business and an improving commodity outlook (zinc) for the battery business. We continue to believe the stock will be rewarding to patient investors but see limited catalysts in the near term."
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