Clorox downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded Clorox to Market Perform from Outperform without a price target. The company provided an update on fiscal Q1 that was significantly worse than expected due to the recent cybersecurity attack, the analyst tells investors in a research note. The firm expects that Clorox will need time to ramp and rebuild the pipeline, which could result in continued loss of sales at retail and eventually, a need to increase promotion to regain lost market share. Exacerbating the recovery, the company’s’ year-over-year comps are more challenging as the year progresses and input cost risks are increasing, says Raymond James.