Edgewell Personal Care (EPC) PT Lowered to $43 at Deutsche Bank
Deutsche Bank analyst Faiza Alwy lowered the price target on Edgewell Personal Care (NYSE: EPC) to $43.00 (from $49.00) while maintaining a Hold rating following the company's 4Q. EPS of $1.11 beat the Street’s estimates by +$0.04, driven by a lower tax rate.
Alwy is incrementally more cautious on EPC mainly due to a more pessimistic top-line outlook for the wet shave category and the company's seemingly disadvantaged competitive positioning. Specifically, organic sales in the quarter declined nearly -5% with wet shave organic sales declining -4% due to negative price/mix and continued competitive pressure in the men's systems in NA—and it is clear that the competitive pressure in this category is simply not going to abate.