Jefferies analyst Kevin Grundy noted that Newell Brands reached an agreement with activist investor Carl Icahn to appoint five directors nominated by Icahn to the company's board, a board which totals eleven directors. In exchange, Icahn agreed to vote all his shares -- he disclosed a 6.9% stake in Newell -- in favor of Newell's nominees. The firm believes that while this news may come as a surprise, it will lead to the shares trading up, and called it a "big win" for CEO Michael Polk, despite the five seats given up being "a hefty price." Jefferies maintained a Hold rating and $29 price target on Newell shares.