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JPMorgan sees upside to Clorox Street estimates

Published Nov 22, 2023 21:58
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JPMorgan analysts raised Clorox (NYSE:CLX) to Neutral from Underweight in a note Wednesday, increasing the price target for the stock to $145 from $124 per share.

Analysts told investors that the worst seems mostly behind the company and there is upside to Street estimates.

"We are upgrading our rating for Clorox (CLX) to Neutral from Underweight rating as we now think there is significant upside risk to consensus estimates post earnings rebase last quarter (likely too deep), especially as we are seeing improvement in tracked channel demand," wrote the analysts.

While over the longer term, the investment bank is still cautious about the company's ability to recover all market share losses, with "shipments significantly greater than consumption in F2Q24," they expect margins and EPS to beat expectations.

"The FY24 guidance cut was mostly in line with expectations," added the analysts. "Additionally, as usual, we believe management is erring on the side of caution with a conservative guidance with wide ranges understandably still given many variables (time to rebuild customer inventories, distribution and market share)."

The analysts also commented that CLX has a track record of beating its guidance.

JPMorgan sees upside to Clorox Street estimates
 

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