In a report released yesterday, Kevin Grundy from Jefferies maintained a Hold rating on Newell Brands (NWL), with a price target of $15. The company’s shares closed yesterday at $15.45, close to its 52-week low of $15.12.
Grundy commented:
“NWL announced that CEO, Mike Polk, will retire at the end of 2Q and that the co. will consider internal/external candidates to replace him. The news should not come as a big surprise given myriad issues (many self-inflicted, others external) that have plagued Mr. Polk’s tenure since the JAH deal. NWL’s CFO, C. Peterson, brings ops. exp. and is the likely front-runner to replace Mr. Polk, in our view. NWL may get sentiment lift, but turnaround will take time.”
According to TipRanks.com, Grundy is a 4-star analyst with an average return of 5.2% and a 61.7% success rate. Grundy covers the Consumer Goods sector, focusing on stocks such as Coca-Cola European Partners plc, Interlink Electronics, Inc., and Constellation Brands Inc.
Newell Brands has an analyst consensus of Moderate Buy, with a price target consensus of $19.17.
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The company has a one-year high of $29.23 and a one-year low of $15.12. Currently, Newell Brands has an average volume of 7.13M.
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Newell Brands, Inc. engages in the manufacture, marketing, and sale of consumer and commercial products. It operates through the following segments: Food and Appliances; Home and Outdoor Living; and Learning and Development.
