Prestige Consumer price target lowered to $72 from $82 at Oppenheimer

Oppenheimer analyst Rupesh Parikh lowered the firm’s price target on Prestige Consumer (PBH) to $72 from $82 and keeps an Outperform rating on the shares. Ahead of upcoming consumer staples reports, the firm has updated its thinking on the group and a few names. Consistent with Oppenheimer’s views for the past several quarters, the firm continues to see a difficult fundamental backdrop for the broader CPG space driven by limited pricing power for a number of players, GLP-1 risks for food names, a still significant focus from leading retailers on private label, tariff risks, and shifting consumer tastes/preferences.