Clorox upgraded to Neutral from Sell at UBS

UBS analyst Peter Grom upgraded Clorox to Neutral from Sell with a price target of $132, up from $124. Even after the stock’s 9% rally post results last week, the risk/reward is balanced with concerns around relative share performance and the ability to return to volume growth offset by shares trading at a narrower premium to peers and the potential for a meaningful earnings recovery in fiscal 2025, the analyst tells investors in a research note. The firm believes Clorox’s fiscal 2024 guidance incorporates an appropriate degree of conservatism in light of the dynamic operating environment and that the company could be setting up for strong growth in 2025.