Clorox (CLX) Reports Better Than Feared Against Tough Comps, RBC Capital Reiterates Sector Perform
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RBC Capital analyst Nik Modi reiterated a Sector Perform rating and $176.00 price target on Clorox (NYSE: CLX) after the company reported total company organic sales down only 5% against tough comps. This represents a 400 bps acceleration since June.
The analyst stated "Incremental pricing actions will help offset additional cost pressures, which now assume a near-term resin peak before moderation in the second half of the fiscal year. We adjust our FY’22 organic growth expectation to -2% (from -4.2%) and EPS estimate to $5.43 (from $5.39), reflecting volume momentum and additional pricing, partially offset by near-term margin pressure".
Shares of Clorox closed at $163.40 yesterday.
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