UPDATE: Oppenheimer Upgrades Prestige Brands Holdings to Outperform; Balance Sheet Deleveraging
Oppenheimer raises its rating on Prestige Brands Holdings (NYSE: PBH) from Perform to Outperform and announces its price target at $17.
Oppenheimer notes, "We are upgrading Prestige Brands to Outperform based on our belief that the company is about to embark on a meaningful balance sheet deleveraging process which, along with a portfolio now heavily weighted toward the OTC healthcare segment, should lead to healthy and sustainable growth and multiple expansion."
PBH closed at $13.70 on Thursday.
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