Credit Suisse Reiterates Underperform, Raises Price Target On Clorox On Strong 2Q15 Growth

In a report published Thursday, Credit Suisse analyst Michael Steib reiterated an Underperform rating on

, and raised the price target from $90.00 to $102.00. In the report, Credit Suisse noted, "CLX posted 2Q15 results today that showed a strong acceleration from prior quarters and beat expectations. The biggest surprise was 5.7% organic sales growth, well ahead of CLX's category growth, and, while helped by some one-offs, all segments accelerated. Leverage from higher sales along with cost savings allowed the company to expand EBIT margin by 40bps despite Street expectations for a YoY decline given higher brand investments, commodity and FX headwinds. We adjust our estimates ~1% and increase our TP to $102." Clorox closed on Wednesday at $109.61.