Clorox price target lowered to $120 from $160 at Evercore ISI

Evercore ISI lowered the firm’s price target on Clorox to $120 from $160 and keeps an Underperform rating on the shares after the company quantified the Q1 EPS impact from disruption following a cyber breach that was previously called out as known to be “material.” The complexity of Clorox’s product portfolio, and therefore its supply-chain, are likely what makes basic commercial operations “unwieldy” and Clorox still “expects to experience ongoing, but lessening, operational impacts in the second quarter,” which is “disconcerting” given it points to a disconnect across functions such as operations, financial planning and reporting, the analyst tells investors.