Clorox upgraded to Market Perform from Underperform at Bernstein

Bernstein upgraded Clorox to Market Perform from Underperform with an unchanged price target of $120. Over the past few months, the relative premium of staples versus the market has “rapidly unwound,” the analyst tells investors in a research note. As such, the firm thinks the risk/reward for the group looks less negative than it has over most of the past few years. Bernstein upgraded Clorox as it struggles “to justify significant incremental downside” from here.