Spectrum Brands price target lowered to $95 from $105 at Oppenheimer

Oppenheimer lowered the firm’s price target on Spectrum Brands (SPB) to $95 from $105 and keeps an Outperform rating on the shares. The firm notes the company’s Q3 EBITDA of $77M compares to its/Street’s $90M/$81M estimates, owing to tariff-related supply constraints and softer demand in HPC and GPC. While reduced inventory and tariffs significantly impacted Q3, the businesses delivered higher sales rates in July. With initial rounds of pricing and supplier concessions, Spectrum had mostly eliminated tariff exposure by the end of Q3, Oppenheimer adds.