Jefferies assumed coverage and downgraded Prestige Consumer to Hold from Buy with a price target of $76, up from $70. The company has found its rhythm with “stable” growth, flowing cash, and margins that are holding up, the analyst tells investors in a research note. Jefferies also notes that with leverage of about 3-times, Prestige Consumer is ready for another brand, though the firm also believes that the stock’s valuation already takes into account the company’s positives.
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