Shares of Clorox fell Monday, following a double- downgrade by analysts at Wells Fargo.
Wells Fargo analysts lowered their rating on the consumer goods’ company’s shares to underweight from overweight. They also slashed price target to $170 a share from $240. Analyst Chris Carey called Clorox shares "dead money, at best, with downside."
According to Wells Fargo analysts, Clorox sales in the professional and international segments ( "new growth drivers") missed estimates – something that makes it hard to argue for 'underappreciated' upside, as indicated by the analysts.