Clorox price target lowered to $120 from $145 at BofA

BofA lowered the firm’s price target on Clorox to $120 from $145 and keeps an Underperform rating on the shares after the company quantified the expected “material impact” on fiscal Q1 results it sees due to unauthorized activity on some of its IT systems. Due to the impact of the cybersecurity attack and higher oil prices, BofA expects Clorox to reduce promotional activity in FY24 to protect margins and sees a combination of distribution challenges from the attack, fewer promotions, and a challenging consumer environment possibly adding up to market share losses, the analyst tells investors.