As previously reported, Raymond James upgraded Newell Brands to Strong Buy from Outperform and maintained its $57 price target while adding it to the Analysts Current Favorites List. Analyst Joseph Altobello said shares have pulled back 12% since mid-August after hitting an all time high. Altobello said Q3 was soft but does not reflect a deterioration in fundamentals but rather a combination of difficult base period comparisons and strategic choices on the part of management with the implementation of its new Growth Game Plan. The analyst expects strategic choices and planned business divestitures will result in an improved product portfolio and reduced operational complexity, allowing Newell to meaningfully improve the balance sheet and resume bolt-on acquisitions.