JPMorgan analyst Andrea Teixeira downgraded Clorox (CLX) to Underweight from Neutral and upgraded e.l.f. Beauty (ELF) to Neutral from Underweight after taking a deeper look at last week's U.S. Nielsen data. For Clorox, consumer takeaway trends seems to be worsening in tracked channels, with Nielsen sell-through data showing a sequential slowdown, turning negative as volume has been pressured by distribution declines, Teixeira tells investors in a research note. In contrast, the worst seems to be behind e.l.f., says the analyst. Following 10 months of distribution declines, the company's total distribution points inflected positively, increasing 1.5% year-over-year in the latest four-week period ending March 23, versus down 9.1% in the prior four-week period, Teixeira points out. Given these distribution dynamics, she believes the "narrative will change for both stocks."