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Newell Brands falls as two analysts downgrade on delayed recovery

Published Oct 30, 2023 13:08
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Newell Brands (NASDAQ:NWL) shares were weaker in early New York trading on Monday after at least two Wall Street sell-side analysts downgraded the rating.

The moves come after the company slashed its full-year sales outlook on Friday.

This is the key reason why analysts at JPMorgan downgraded NWL to Neutral from Overweight with the price target slashed by $4 to $7 per share.

“After three consecutive guidance cuts mostly due to weaker category demand which will likely linger for longer (12-18 months), we believe it is prudent to move to the sidelines,” the analysts wrote in a note.

They added that the Q3 earnings report was “disappointing again”, while the earnings call “did not provide much reassurance that NWL’s challenges will be overturned in the short to medium term.”

Similarly, analysts at Truist downgraded to Hold from Buy with a price target of $8 per share.

“Simply put, the post-pandemic category volatility (at home categories which were inflated during the pandemic, slowly deflating) has plagued numerous consumer goods companies in 2023,” the analysts wrote in a downgrade note.

“We see no catalysts on the horizon from which to recommend the name,” they concluded.

NWL stock is down 48% year-to-date.

Newell Brands falls as two analysts downgrade on delayed recovery
 

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