Clorox cyberattack damage 'significantly worse' than expected: 5 big analyst cuts
Investing.com | Author Davit Kirakosyan
Published Oct 05, 2023 07:06AM ET
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: Clorox, Tractor Supply, Comerica, Carrier Global, and NextEra Energy.
Never miss another market-moving headline.
h2 Clorox slashed on cyber attack-triggered guidance cut /h2Raymond James downgraded Clorox (NYSE:CLX) to Market Perform from Outperform Thursday after the company's guidance cut was "significantly worse than we expected" after an August cyberattack.
Shares were falling 4.3% in the premarket.
Clorox now anticipates Q1 sales to plunge between 28% to 23% year over year as a result of the cyberattack, which caused significant disruption, including order processing delays and product outages.
Earnings per share could reflect a loss of as much as $0.40, while the high end of the range is breakeven.
Raymond James cited a more challenged near-term visibility for the company:
While CLX noted that shipment and consumption were in-line with their expectations prior to the attack, we expect that the company will need time to ramp and rebuild the pipeline, which could result in continued loss of sales at retail and eventually, a need to increase promotion to regain lost market share. Exacerbating the recovery, y/y comps are more challenging as the year progresses and input cost risks are increasing.
Carrier Global cut to Underperform at BofA/h2
BofA downgraded Carrier Global (NYSE:CARR) to Underperform from Neutral and cut its price target to $55 from $62.
The analysts said cited "upward valuation rerating post-Viessmann acquisition announcement" as well as "increasingly negative datapoints on Europe’s heat pump demand trends.
BofA additionally said it was concerned about the US light commercial heating, ventilation, and air conditioning (HVAC) market into the first half of next year.
Shares were recently off 2.4% to $53.32 in premarket trading.
Tractor Supply slashed at Citi/h2
Tractor Supply Company (NASDAQ:TSCO) shares fell more than 1% pre-market today after Citi downgraded the company to Neutral from Buy and cut its price target to $207.00 from $250.00, as reported in real-time on
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.