Valvoline price target lowered to $38 from $41 at Citi

Citi lowered the firm’s price target on Valvoline (VVV) to $38 from $41 and keeps a Neutral rating on the shares ahead of the fiscal Q3 report on May 8. Investor expectations are relatively low for the earnings report, the analyst tells investors in a research note. The firm says that while high-frequency data has shown “choppy” store traffic since the last earnings print, auto parts retail and services is a defensive area of consumer spending that should be resilient if the spending deteriorates. Valvoline stock has not acted as defensively as auto parts retail peers, adds Citi.