Helen of Troy initiated with a Neutral at UBS

UBS analyst Peter Grom initiated coverage of Helen of Troy with a Neutral rating and $99 price target. Helen of Troy has experienced a significant normalization of demand and outsized margin pressure, resulting in earnings contraction over the last 18 months, and while there is the potential for an inflection in top- and bottom-line growth, UBS believes this is unlikely to be a FY24 narrative, the analyst tells investors in a research note. The firm thinks this will be a challenging year for Helen of Troy, but believes this downside is largely priced in.