UPDATE: Goldman Sachs Initiates Coverage on Newell Rubbermaid with Neutral Rating, $27 PT on Mixed Factors

In a report published Tuesday, Goldman Sachs analyst Taposh Bari initiated coverage on

with a Neutral rating and $27.00 price target. In the report, Goldman Sachs noted, “We are intrigued by the latest turnaround at NWL but acknowledge the company's history of unsuccessful restructurings. Shares are up 70% since Mike Polk took over as CEO in mid-2011, placing NWL firmly into the ‘show-me' stage of its turnaround (often the most turbulent). We see the potential for EPS acceleration and visibility in cost reductions. However, we also note the company's difficult recent history. Our Neutral rating acknowledges both our awareness of the difficulties that remain, and our desire to see continued steady progress in restructuring.” Newell Rubbermaid closed on Monday at $25.47.