Clorox (CLX, $185.95) shares downgraded at D.A. Davidson analyst
Clorox shares got a rating downgrade from D.A. Davidson on concerns about an expected slowdown in sales following a possible peak in demand during the depths of the COVID-19 pandemic.
The household products company’s shares were downgraded to neutral from buy by D.A. Davidson analyst Linda Bolton Weiser. She also cut her price target on the shares to $189 from $234.
According to Weiser, consensus estimates have been pricing in a 1.7% decline in sales for March, which may be too optimistic.
Clorox had previously said it projects sales growth of + 5% to +9% for fiscal 2022. It expected diluted earnings in the range of $7.70 to $7.95 a share. Both were upward revisions to the company’s summer forecast. But, Weiser mentioned that there was a risk that Clorox would not raise and might even lower its guidance when it reports fiscal third-quarter results next month.
The analyst lowered her fiscal 2022 earnings per share expectations to $8.01 from $8.16, below the $8.21 average analyst estimate.
CLX in upward trend: 10-day moving average crossed above 50-day moving average on July 19, 2024
The 10-day moving average for CLX crossed bullishly above the 50-day moving average on July 19, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 11 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
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a maker of detergent and cleaning products
Industry HouseholdPersonalCare