Spectrum Brands Analysts Raise Their Forecasts After Strong Results

Spectrum Brands Holdings, Inc. SPB reported better-than-expected first-quarter financial results on Thursday.

Spectrum Brands posted adjusted earnings of 78 cents per share, beating market estimates of 43 cents per share. The company’s quarterly sales came in at $692.20 million versus expectations of $673.86 million, according to data from Benzinga Pro.

"The first quarter of fiscal 24 is an indication that the investments we are making in our people are paying off. Our operations have a very effective sales and operations planning process behind them now, with rigorous rhythm, cadence, and accountability. This is driving much better factory production performance, better operations in our distribution centers leading to higher fill rates and higher customer service levels to our retail partners. We are continuing to focus on fewer, bigger, better innovations and on our commercial operations through added investments in sales and marketing as we seek to restore revenue growth," said David Maura, Chairman and Chief Executive Officer of Spectrum Brands.

Spectrum Brands shares fell 1% to trade at $85.21 on Friday.

These analysts made changes to their price targets on Spectrum Brands after the company reported quarterly results.

• Canaccord Genuity raised the price target on Spectrum Brands from $83 to $86. Canaccord Genuity analyst Brian McNamara downgraded the stock from Buy to Hold.
• Wells Fargo boosted the price target on Spectrum Brands from $75 to $85. Wells Fargo analyst Sam Reid maintained an Equal-Weight rating.
• RBC Capital increased the price target on Spectrum Brands from $89 to $100. RBC Capital analyst Nik Modi maintained an Outperform rating.

Now Read This: Bitcoin Tops $47,000; THORChain Emerges As Top Gainer