Jefferies analyst Kevin Grundy downgraded Kimberly-Clark to Hold from Buy with a price target of $139, up from $137. Kimberly-Clark has the greatest degree of trade down risk in the household and personal care products sector, which is already evident in tissue, wipes and diapers, Grundy tells investors in a research note. The analyst also sees a higher bar for operating margin recovery given the company’s sales risk and "uncertain moderation" in pulp prices.
Published first on TheFly
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