Newell Brands price target lowered to $15 from $17 at RBC Capital

RBC Capital analyst Nik Modi lowered the firm’s price target on Newell Brands to $15 from $17 and keeps a Sector Perform rating on the shares. The company’s Q4 results were better than expected, with core sales growth beats driven by better-than-expected results in Home Appliances, Home Solutions, and Learning & Development, the analyst tells investors in a research note. The firm also notes however that Newell’s 2023 guidance was materially under expectations due to continued retailer inventory reductions, lower consumer discretionary spend, and assumptions of a recessionary environment.