Wells Fargo raised the firm’s price target on Newell Brands (NWL) to $6 from $5 and keeps an Equal Weight rating on the shares. The firm is aggregating models across Beverage/Food/HPC and updating price targets. Wells says Newell has anchored into a high single digit price-to-earnings multiple in recent years as it has struggled with consistent revenue and earnings growth along with high leverage. That in mind, intra-quarter commentary suggests the company is on track with guidance and FX got better, helping EPS.
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