Spectrum Brands Holdings (SPB) Gets a Hold Rating from Oppenheimer

By Ryan Adsit

In a report released yesterday, Ian Zaffino from Oppenheimer maintained a Hold rating on Spectrum Brands Holdings (SPBResearch Report). The company’s shares closed yesterday at $65.75.

Zaffino observed:

“Adjusted EBITDA of $115.6M was relatively in line with our/Street’s $115.2M/$114.8M estimates, as strength in H&G and HHI was offset by softness in HPC and Pet. The company reiterated F2019 guidance, calling for adjusted EBITDA of $560M-$580M. 2H19 should ramp as HHI and H&G enter seasonally stronger quarters and HPC laps tough comps. SPB generated $3B of cash proceeds from the asset sale, of which ~$2.4B was allocated toward deleveraging and ~$250M of shares (~4.6M shares) were repurchased in F2Q19. The company has an additional $750M remaining on its three-year buyback program. Maintain Perform.”

According to TipRanks.com, Zaffino is a 4-star analyst with an average return of 3.7% and a 55.7% success rate. Zaffino covers the Services sector, focusing on stocks such as Servicemaster Global Holdings, Wyndham Hotels & Resorts Inc, and Wyndham Destinations Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Spectrum Brands Holdings with a $62.67 average price target, which is a -4.7% downside from current levels. In a report released yesterday, Wells Fargo also maintained a Hold rating on the stock with a $62 price target.

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Spectrum Brands Holdings’ market cap is currently $3.53B and has a P/E ratio of 11.01. The company has a Price to Book ratio of 2.53.

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Spectrum Brands Holdings, Inc. manufactures and supplies consumer batteries, residential locksets, residential builders hardware, plumbing, shaving & grooming products, personal care products, small household appliances, specialty pet supplies, lawn, garden and home pest control products, personal insect repellents, and auto care products.