Standpoint Research Starts Spectrum Brands (SPB) at Buy; Oversold

Standpoint Research initiates coverage on Spectrum Brands (NYSE: SPB) with a Buy. PT $33.00.

Standpoint analyst, Ronnie, Moas, said, "When reviewing open recommendation Energizer ENR this past weekend, and looking for a new non-discretionary consumer (staples) name to add, I noticed that one of their competitors, Spectrum, may have been oversold on bad news relative to Energizer (NYSE: ENR) and the market – SPB is currently trading at 9X estimates for next year and is trading at quite a discount relative to its sector and industry. Year-to-date the shares are – 1500 bps versus the S&P but have shown signs of life recently. Spectrum has quality brands including Rayovac, Remington, Tetra, 8-in-1, Spectracide, Cutter, Black & Decker, George Foreman, Russell Hobbs, and Farberware. SPB has low capital costs and high cash flow."

For more ratings news on Spectrum Brands click here and for the rating history of Spectrum Brands click here.

Shares of Spectrum Brands closed at $26.53 yesterday.

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