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Fly News Breaks for February 5, 2018
PBH
Feb 5, 2018 | 06:17 EDT
As reported earlier, DA Davidson analyst Linda Bolton Weiser downgraded Prestige Brands to Neutral from Buy and slashed her price target to $42 from $79. The analyst notes that while Q3 results were in line, the FY18 sales outlook was lower than expected on retailer inventory destocking, the 100bp decline in advertising/promotion, and the 2.9% contraction in gross margins amid higher storage and freight costs. The analyst adds that she now sees diminished probability of M&A through 2019.
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