Fly News Breaks for September 21, 2017
NWL
Sep 21, 2017 | 05:22 EDT
JPMorgan analyst Andrea Teixeira views the selloff in shares of Newell Brands on concerns over the Toys R Us bankruptcy is overblown. The majority of Newell's exposure to Toys R Us is related to Graco, and the company's earnings could have downside risk if the Toys restructuring impact is worse than expected, Teixeira tells investors in a research note titled "Not Just a Toy Story; Stock Reaction Overblown, Buy on Weakness." The analyst lowered her estimates for Newell but finds the valuation compelling at current levels. Teixeira trimmed her price target on the shares to $56 from $58 and keeps an Overweight rating on the name.
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