Wells Fargo Thinks Newell Brands’ Stock is Going to Recover

Wells Fargo analyst Bonnie Herzog reiterated a Buy rating on Newell Brands (NWL) today and set a price target of $21. The company’s shares opened today at $17.23, close to its 52-week low of $15.12.

Herzog noted:

“We also expect the board to hold management accountable (interestingly, we note director Jim Craigie attended NWL’s presentation and breakout). Looking forward, we believe FY19 guidance was set very conservatively, with potential upside to Q1, and the set-up is now a beat-and-raise story over the next 12 months. We continue to see significant upside for NWL shares and reiterate our Outperform rating.”

According to TipRanks.com, Herzog is a 4-star analyst with an average return of 4.5% and a 61.5% success rate. Herzog covers the Consumer Goods sector, focusing on stocks such as Coca-Cola European Partners plc, The Estée Lauder Companies Inc, and Constellation Brands Inc.

Newell Brands has an analyst consensus of Moderate Buy, with a price target consensus of $19, representing a 10.3% upside. In a report issued on February 20, Citigroup also maintained a Buy rating on the stock with a $24 price target.

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The company has a one-year high of $29.55 and a one-year low of $15.12. Currently, Newell Brands has an average volume of 7.75M.

Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is negative on the stock.

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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: Live, Learn, Work, Play, and Other. The Live segment sources, markets, and distributes a line of household products.