Clorox upgraded to Buy from Neutral at Citi

Citi upgraded Clorox to Buy from Neutral with a price target of $150, up from $135. The company delivered better than expected fiscal Q1 results compared to guidance provided post the August cybersecurity incident, and lowered fiscal 2024 guidance, as expected, to account for the impact of the cyberattack, the analyst tells investors in a research note. The firm believes the updated guidance reflects a “healthy dose of conservatism “both on the top line and margin front. Clorox is already working with retail partners to rebuild inventory and shelf space and should grow ahead of consumption in the balance of the year, says Citi. It views the stock’s valuation as “compelling” post the 30% selloff since early August.