DA Davidson analyst Linda Bolton Weiser lowered the price target on WD-40 (NASDAQ: WDFC) to $277.00 (from $295.00) while maintaining a Neutral rating following earnings.

The analyst commented, "WDFC reported a F3Q21 upside surprise, with sales +39%, as supply chain bottlenecks eased, and shares were up >10% after hours. WDFC raised FY21 sales guidance to reflect the F3Q upside, but warned that higher oil-based input costs would start impacting gross margin. We are raising our annual estimates but lowering F4Q21E EPS to $1.16 from $1.28, as benefits of price increases will not come until F1Q22. We are lowering our target P/E to 45x from 50x to reflect the expected top-line slowdown due to hard COVID-driven prior-year comps, and cutting our PT to $277 from $295, based on 45x CY22E EPS of $6.15 (raised from $5.89). We remain NEUTRAL.."