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Fly News Breaks for January 7, 2020
Jan 7, 2020 | 07:36 EDT
DA Davidson analyst Linda Weiser downgraded WD-40 to Neutral from Buy ahead of the company's Q1 report on January 9 after the close. In a research note to investors, Weiser says shares are up 24% since May 31, while oil has surged more than 15% in the last three months, creating an unfavorable comparison starting in the March calendar quarter. She adds that the relatively stable euro in conjunction with the strengthening of the British pound worsens FX transaction in Europe, which negatively impacts WD-40's gross margin. Further, she thinks guidance for FY20 is unlikely to move higher.
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