William Blair analyst Jon Andersen initiates coverage on WD-40 (NASDAQ: WDFC) with a Outperform rating.

The analyst comments "We are initiating coverage of WD-40 Company with an Outperform rating. WD-40 is a unique company that is highly focused from a category perspective while diversified from a geographic and channel standpoint, superior on many measures of brand equity, and in a sound financial position; yet it still possesses a long-duration market penetration opportunity with attractive margin metrics and free cash flow generation for return of capital to shareholders. While the current enterprise valuation is 23 times our 2027 EBITDA estimate, we believe WD-40 shares deserve a premium multiple and the valuation is sustainable over time given the unique fundamental and financial attributes of the business and brand."

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Shares of WD-40 closed at $206.18 yesterday.