Deutsche Bank Maintains a 'Hold' Rating on Clorox (CLX); Raises Price Target
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Deutsche Bank maintains a 'Hold' rating on Clorox (NYSE: CLX) raises price target from $60 to $62
Deutsche analyst says, "Despite relatively strong fundamentals driven by gross margin tailwinds and robust cost savings and perhaps some modest volume acceleration, investor sentiment is eschewing US-centric/commodity exposed names given likely better sustainable growth elsewhere in the group and market when macro improves. Management is doing the right things with cautious guidance, significant innovation and stepped up brand spending, but with multiple likely capped given inflation fears, we believe upside in the name is capped at our revised $62 target (from $60)."
"While some non-core tertiary brands could see some destocking/deletions, we believe portfolio should broadly benefit given dominant shares in most categories and proven ability to expand category growth."
The Clorox Company is a manufacturer and marketer of consumer products.
To see more analyst ratings on CLX Click Here.
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