Oppenheimer Downgrades Clorox

Oppenheimer has published a report on Clorox CLX downgrading the company. In the report, Oppenheimer wrote that, "We are downgrading CLX to Perform from Outperform and suggest investors use Friday's strength and all-time high stock price to take profits on the heels of Carl Icahn's bid for the company (which is likely to be rejected, in our view). The shares are trading at a valuation not supported by fundamentals, and we are skeptical that a superior bid will materialize." Oppenheimer downgraded Clorox to Perform with no current price target. Clorox closed Friday at $74.55.