Spectrum Brands upgraded to Buy from Hold at Canaccord

Canaccord upgraded Spectrum Brands (SPB) to Buy from Hold with a price target of $102, up from $94. While the quarter and guidance “were nothing to write home about, they also weren’t the disaster that the stock’s recent performance suggests,” the analyst tells investors in a research note. The firm believes Spectrum will aggressively buy back stock at current levels, which should provide a floor to the stock.