Spectrum Brands price target lowered to $75 from $77 at Canaccord

Canaccord lowered the firm’s price target on Spectrum Brands (SPB) to $75 from $77 and keeps a Buy rating on the shares. The firm said they reported weak Q3 earnings as the company was negatively impacted to the tune of $30m to $35m (compared to the $39m top line miss) driven by its decision to stop buying product from China as they went up to eight weeks without any importation of product and stop shipping to some customers as price negotiations played out.