UPDATE: Citigroup Raises PT on Newell Rubbermaid on Multiple Positive Factors

In a report published Monday, Citigroup analyst Wendy Nicholson reiterated a Buy rating on Newell Rubbermaid NWL, and raised the price target from $30.00 to $31.00.

In the report, Citigroup noted, “As is usually the case, there are a number of factors that will determine at which point in their 2013 guidance (of $1.80 to $1.84) NWL will fall. Specifically, the company's guidance assumes sustained momentum in Commercial Products, Baby and Home and ‘very good' growth in Tools. Moving pieces going into the second half of the year include (i) timing of the Office Depot and Office Max merger as the transaction will result in a one-time inventory reduction, which adjustment management is currently assuming occurs in 2014, (ii) growth in the Tools business with guidance assuming strong 2H growth (after sales were down in 2Q13 owing to SAP transition in Brazil and sluggishness in Industrial Tools) and (iii) Project Renewal savings and the increased brand investment expected to be funded by the these savings.”

Newell Rubbermaid closed on Friday at $27.31.