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© Reuters. Bernstein struggles to justify Clorox (CLX) downside from here
Bernstein upgraded Clorox (NYSE:) to Market Perform from Underperform, maintaining a $120 price target on the stock in a note Thursday.
Bernstein analysts told investors in a note that they struggle to justify significant incremental downside in the stock from here.
“Clorox stock is down 22% over the past six weeks, under-performing the market by 19%pts,” they said. “This move has been – for the most part – driven by the cyber-attack from which CLX suffered in mid-August, which has led to significant supply chain disruption, and out-of-stocks for CLX products.”
“We expect 1Q results in November to bring further bad news, with management likely to kitchen-sink FY24 guidance,” they added.
However, the firm believes this “should be a clearing event for the stock,” and with the impact of the cyber-attack likely to prove transitory, they do not see further downside.
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