WD-40 (WDFC) PT Raised to $207 at DA Davidson

DA Davidson analyst Linda Bolton Weiser raised the price target on WD-40 (NASDAQ: WDFC) to $207.00 (from $205.00) while maintaining a Buy rating following results.

The analyst commented, "BUY-rated WDFC reported F4Q22 sales +18.5% ex. FX, about in line with our +19.1% estimate, with large price increases in the Americas and EMEA. Gross margin was not up sequentially as expected, due to slower-than-planned implementation of pricing and decoupling of distillate from crude oil. EPS guidance for FY23 was below our estimate, as gross margin recovery was pushed out one quarter - we estimate return to 55% in F1Q24. WDFC expects FY23 free cash flow to exceed cash dividends. We are lowering our target P/E to 32x from 34x due to macro uncertainty but rolling forward and raising our PT to $207 from $205, based on 32x CY24E EPS of $6.48."

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