Clorox initiated with a Sell at TD Cowen

TD Cowen analyst Robert Moskow initiated coverage of Clorox with a Sell rating and $122 price target as the firm launched coverage on the Household and Personal Care sector with five Buy rated stocks and one Sell. The slow pace of recovery from a cyberattack last year and high exposure to private label raises questions about the strength of the company’s brands and premium valuation, argues the analyst, who believes that the company will need to lower its long-term growth algorithm.