UBS reiterated a Sell rating on Clorox (NYSE: CLX), and raised the price target to $110.00 (from $105.00), following the company's 2Q earnings report. CLX reported $1.14 in EPS, beating consensus estimates of $1.05. This outperformance was driven largely by +210 bps in GM expansion. CLX did not raise FY16 guidance.

Analyst Stephen Powers commented, "CLX again posted a sizeable beat in FYQ2, delivering $1.14 in EPS vs. UBSe of $1.08 and consensus of $1.05. This outperformance was driven largely by +210 bps in GM expansion (vs. UBSe of +80 bps) as CLX enjoyed benefits from input deflation, pricing, and productivity. As was largely expected into the quarter (considering the stock's -5% move on Thursday), CLX raised guidance by $0.07 to $4.75-$4.90, partly accounting for the FYQ2 beat, but signalled more reinvestment going forward."

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Shares of Clorox closed at $124.71 yesterday.