JPMorgan downgraded Reynolds Consumer Products to Neutral from Overweight with a price target of $28, down from $29. Demand for the categories Reynolds competes in is softening faster than anticipated, the analyst tells investors in a research note. In addition, the share gains in the company’s Hefty trash bags will be offset by the recent sharp deterioration in its Hefty tableware segment, says the firm. It also notes that part of the momentum in Hefty trash bags is driven by the competitor Clorox share losses due to the cyberattack, and with improved Clorox availability, these tailwinds will fade.
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