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Fly News Breaks for September 20, 2018
NWL
Sep 20, 2018 | 07:57 EDT
Wells Fargo analyst Bonnie Herzog continues to see value in Newell Brands that she thinks the Street is missing. The analyst believes Newell's $10B divestiture plan will "unlock significant value" and leave a "simpler, faster growing" company with "significant" exposure to e-commerce "that should ultimately garner a higher multiple." Additional divestiture announcements and a better fundamental outlook for the second half of 2018 provide near-term catalysts for the shares, Herzog tells investors in a research note titled "We See Significant Upside Potential Even In Bear Case Scenario." The analyst sees limited downside risk to current share levels and believes the new board is highly focused on unlocking value. She thinks that if the shares remain weak, the board would not hesitate to explore more aggressive actions like a management change or complete break-up. Herzog sees a favorable risk/reward, with potential 17% upside in a bear case and 75% upside in a bull case. She reiterates an Outperform rating on Newell Brands with a $33 price target.
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