Spectrum Brands (SPB) PT Raised to $160 at Jefferies

Jefferies raised its price target on Spectrum Brands (NYSE: SPB) to $160.00 (from $147.00) while maintaining a Buy rating.

Analyst Kevin Grundy commented, "We maintain our Buy rating post a relatively in-line 1Q, which provided some reassurance following a clumsy 4Q back in November. Little clarity was provided on HRG timing and potential tax reform remains a bit of wildcard; however, the fundamental story here remains a good one (strong mgmt, accelerating org sales, accretive capital deployment) and shares remain attractively valued at ~16x EV/ULFCF (> 20% disc. to staples). Est. little changed, PT to $160."

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