Canaccord analyst Brian McNamara raised the firm’s price target on Spectrum Brands to $94 from $87 and keeps a Buy rating on the shares. The firm noted they reported mixed Q3 results that missed on sales but beat on the bottom line. They admit Spectrum will have to get its top line in order in FY2024, as they believe Q4 is the last “pass” it will get from the market.
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Read More on SPB:
- Spectrum Brands expects FY23 revenue to decline by mid single-digits
- Spectrum Brands reports Q3 adjusted EPS 75c, consensus 40c
- Spectrum Brands (SPB) Q3 Earnings Cheat Sheet
- Spectrum Brands price target raised to $90 from $85 at Wells Fargo
- Spectrum Brands board authorizes purchase of up to $1B of common stock
