Valvoline price target lowered to $48 from $54 at RBC Capital

RBC Capital analyst Steven Shemesh lowered the firm’s price target on Valvoline to $48 from $54 but keeps an Outperform rating on the shares after its Q3 earnings miss. FY24 consensus estimates need to come down and an on-algorithm guide in FY25 feels less likely, but this is a haircut to numbers in a tough macro, not a meaningful change in business outlook for the company, the analyst tells investors in a research note.