Goldman Sachs analyst Jason English last night downgraded Clorox to Sell from Neutral and cut his price target for the shares to $112 from $127. The analyst reduced his estimates for the company to reflect a combination of a lower volume forecast, lower gross margin expectation and renewed currency headwinds. English also downgraded his view on the Food and Household Personal Care sector to Cautious. HPC sector valuations are likely to compress over the next year and Clorox's sector-level premium will fade to its 10-year average, English tells investors in a research note. He sees a "see unsustainably high relative valuation" for Clorox.