UPDATE: Jefferies Initiates Coverage on Prestige Brands Holdings with Hold Rating, $36 PT on Expected Competitive Headwinds - Prestige Consumer (NYSE:PBH)

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In a report published Tuesday, Jefferies analyst Kevin Grundy initiated coverage on

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Prestige Brands Holdings

(NYSE: PBH) with a Hold rating and $36.00 price target.In the report, Jefferies noted, “We are initiating coverage of PBH with a Hold rating and $36 price target. Through transformative M&A, PBH is now uniquely positioned as a pure-play in the attractive (and consolidating) OTC industry. However, the stock has significantly re-rated over the LTM and we expect PBH to face meaningful competitive headwinds in the near-term, which should provide investors with a better entry point into an attractive long-term story.”Prestige Brands Holdings closed on Monday at $33.26.