Canaccord analyst Brian McNamara initiated coverage of Spectrum Brands with a Buy rating and $82 price target. Following a resolution from regulators on the sale of its Hardware & Home Improvement business, Spectrum will pay down debt and turn to more tuck-in type acquisitions, the analyst tells investors in a research note. The firm believes a "leaner, more focused, and higher margin/growth company" should produce more predictable results, commanding a higher valuation multiple.
Published first on TheFly
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