UPDATE: Argus Downgrades Clorox (CLX ) to Hold

(Updated - September 3, 2021 7:27 AM EDT)

Argus analyst John Staszak downgraded Clorox (NYSE: CLX ) from Buy to Hold.

The analyst comments "We are lowering our rating on Clorox Co. (NYSE: CLX) to HOLD from BUY. The company’s revenue has fallen from peak levels during the early months of the pandemic last year, with sequential declines in three of the past four quarters. Revenue also fell 9% year-over-year in fiscal 4Q21. Management now expects revenue to decline 2%-6% in FY22 on both a reported and an organic basis, leading to a 21%-26% decline in EPS. Given the weaker revenue and earnings outlook, we believe that CLX shares are fully valued at 29-times our FY22 EPS forecast, and that a HOLD rating is now appropriate. If costs moderate or demand for Clorox products accelerates, we would consider returning the stock to our BUY list."

For an analyst ratings summary and ratings history on Clorox click here. For more ratings news on Clorox click here.

Shares of Clorox closed at $170.00 yesterday.

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