Spectrum Brands price target lowered to $77 from $89 at Canaccord

Canaccord analyst Brian McNamara lowered the firm’s price target on Spectrum Brands (SPB) to $77 from $89 and keeps a Buy rating on the shares. The firm sad they recently conducted their 3rd survey of 75 customer doors to decipher pet ownership trends and assess business trends and brand strength. They lowered their H2 pet segment sales estimates given their survey findings and lowered the target driven by lower estimates and a lower target multiple.