Clorox upgraded to Hold at Jefferies following LatAm market exits

As previously reported, Jefferies upgraded Clorox to Hold from Underperform with a $145 price target following the company’s exit from Argentina, Uruguay and Paraguay, which the firm views positively. Argentina accounts for about 2% of sales. but has accounted for sizable headwinds over the years and pivoting away from Argentina is a net positive as it limits Clorox’s exposure to the country’s volatile operating environment, the analyst tells investors. Separately, the firm lowered this quarter’s EPS estimate as the restock cycle is not linear, and linked to Q4 shelf space resets, the analyst noted.