Newell Brands downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Olivia Tong downgraded Newell Brands to Market Perform from Outperform without a price target. After multiple guidance cuts due to slow to recover consumer discretionary categories as well as sequentially increasing operating expenses “even before management turns on the advertising spigot this year,” the firm downgrades the shares. Sales of kitchen, home goods, and other semi-discretionary products have been in decline, with a greater hit to sell-in than sell-out on inventory destocking, the analyst tells investors in a research note.