Spectrum Brands price target lowered to $60 from $65 at Wells Fargo

Wells Fargo lowered the firm’s price target on Spectrum Brands (SPB) to $60 from $65 and keeps an Equal Weight rating on the shares. The firm is aggregating models across Beverage/Food/HPC and updating price targets. The broader SMID cap consumer peer set is trading at lower end of historical valuations. Until visibility improves, Wells doesn’t think Spectrum can return to a historical multiple in the 10-times-plus.