UPDATE: DA Davidson Downgrades Helen of Troy (HELE) to Neutral; 'POS Turns Negative'
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DA Davidson analyst Linda Bolon Weiser downgraded Helen of Troy (NASDAQ: HELE) from Buy to Neutral and lowered the price target to $247 (from $260).
The analyst commented, "In the four weeks ended March 7th, IRI data showed POS turned negative (-16.5%) due to the start of hard COVID-driven prior-year comps, which get even more difficult next month (+56%). March's POS is well below the Street's +2.6% sales growth for F1Q22. We are reducing our already lower-than-consensus estimates for FY22, to reflect Health & Home -18% (was -8%) and total organic sales -5% (was -1%). We are lowering our EPS estimates and PT to $247 from $260, based on 20x FY23E EPS of $12.37. Due to the dilutive personal care divestiture and hard COVID comps, we think FY22 consensus could be too high and are downgrading to NEUTRAL from Buy."
Shares of Helen of Troy closed at $232.54 yesterday.
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