BWS Financial analyst Hamed Khorsand downgraded Acco Brands to Neutral from Buy with a price target of $6, down from $9, ahead of the company’s Q4 results on February 2. The analyst has grown concerned that the softness Acco experienced in Q3 could spill over into 2023. Acco faces greater challenges than what may be priced into the shares, with a longer duration of retailers rebalancing inventory against a weak consumer spending environment, the analyst tells investors in a research note. The company’s debt balance has taken away from the equity’s valuation, BWS adds.
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