Clorox (CLX) PT Lowered to $177 at DA Davidson
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DA Davidson analyst Linda Bolton Weiser lowered the price target on Clorox (NYSE: CLX) to $177.00 (from $189.00) while maintaining a Neutral rating.
The analyst commented, "CLX reported a F3Q21 EPS upside surprise, but missed consensus sales expectations, with Health & Wellness -8% against a hard COVID comp of +26%. Gross margin was down Y/Y for the first time since F1Q19, as higher commodity costs became more of a headwind. CLX kept FY21 sales and EPS guidance unchanged, implying lower-than-consensus EPS in F4Q21. We are maintaining our FY22E sales -2%, but are lowering our gross margin and EPS. We are cutting our PT to $177 from $189, based on 23x CY22E EPS of $7.70 (reduced from $8.20). We are maintaining our NEUTRAL rating given our outlook for three more quarters of sales declines."
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