UPDATE: Citigroup Decreases PT on Newell Rubbermaid to $21
Citigroup maintains a Buy rating on Newell Rubbermaid (NYSE: NWL) and lowers its price target from $22 to $21.
Citigroup remarks, “Since his arrival at NWL as CEO last summer, Mike Polk has accomplished a lot: (i) NWL has delivered double-digit EPS growth in each of the last two quarters, despite a tough macro backdrop, in part owing to sharp cost controls, (ii) NWL has raised its dividend 25% (on top of a 60% increase in 2011), (iii) NWL has repurchased nearly $63 mm of stock since the program was authorized in August 2011, (iv) NWL has shifted its portfolio a bit by divesting BernzOmatic, (v) NWL has implemented SAP in ~90% of its business and most importantly, (vi) NWL has undertaken a massive strategic review and overhaul of the business, which has included changing the company's organizational structure, moving some people into new roles, and changing the employee compensation scheme.”
Newell Rubbermaid closed at $17.43 on Tuesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.