UPDATE: Wellington Shields Upgrades Clorox Products to Buy on Favorable Outlook
Wellington Shields upgraded Clorox Products (NYSE: CLX) from Hold to Buy and raised the price target to $95.00.
Wellington Shields analyst Leigh Ferst noted, "We have raised our outlook for CLX, moving the price target up to 95 and the rating back to a Buy. We believe that the top line momentum, improving margins and cash flow, and better market conditions, leave the company with room to beat expectations, improve its long term growth assumptions, and enjoy a higher valuation as a result. Using a FY14 EPS assumption of 4.75 and an estimated forward PE of 20 brings us a new price target of 95. Clorox seems to be charging ahead on all cylinders and we think the continuing positive business momentum should lead to higher valuation for the shares."
Clorox Products closed at $83.72 on Friday.
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Tags: Wellington Shields