As previously reported, Wells Fargo downgraded Spectrum Brands to Equal Weight from Overweight with a price target of $73, down from $90. The firm believes that fundamental phase may take time. Wells also notes that on price-to-earnings, a metric against which it expects this model to be increasingly viewed given the company’s desire to lower share count, the firm’s target reflects 16-times 2024 EPS. This is above peers on price-to-earnings, giving credit for cash/balance sheet and some optionality on better fundamentals ahead.
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