Kimberly-Clark downgraded to Sell from Hold at Deutsche Bank

Deutsche Bank analyst Steve Powers downgraded Kimberly-Clark to Sell from Hold with a price target of $123, up from $120. The analyst believes Kimberly-Clark is managing its business well but sees its operating environment turning increasingly challenging. The company is exposed to elevated risks of share loss and/or increasing promotional intensity that could significantly cut into expected margin upside in the near- to medium-term, Powers tells investors in a research note. The analyst also sees risk that expected deflation benefits are not as significant as some investors believe.