Deutsche Bank Reinstates Spectrum Brands (SPB) at Buy

Deutsche Bank reinstates coverage on Spectrum Brands (NYSE: SPB) with a Buy. PT $55.00.

The firm comments, "With HHI acquisition closed and integration underway, company remains well-positioned with its core value portfolio in a sluggish consumption environment and is newly leveraged to a US housing recovery via new hardware and home improvement subsidiary. Valuation remains compelling, with ample free cash flow set to accrue to equity holders as deleveraging story begins to take hold and further potential for capital structure optimization in 2014 and beyond. While the easy money has been made in this one, we still see considerable upside to our $55 price target and reinstate coverage with a Buy rating."

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

Shares of Spectrum Brands closed at $47.06 yesterday.

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