WD-40 price target raised to $232 from $228 at DA Davidson

DA Davidson raised the firm’s price target on WD-40 to $232 from $228 and keeps a Buy rating on the shares. The company’s Q3 results saw an upside surprise as volume turned positive, gross margins expanded 290 basis points, and inventories came down, the analyst tells investors in a research note. Due to the return of volume growth, strong free cash flow, and outlook for more gross margin expansion in FY24, DA Davidson is adjusting its assumed forward earnings multiple to 39-times from 37-times, the firm added.