Spectrum Brands Holdings (SPB) continues to be "attractively valued" despite the uncertain environment, as the company is underlevered and is on its way to become a pure-play pet and home and garden business, Oppenheimer said in a note Tuesday.

"We believe the stock remains attractively valued as the company rightsizes and invests in its businesses [Home & Garden and Global Pet Care] and brands, buys back shares, and pursues the separation of the [Home & Personal Care] business," the firm said.

Oppenheimer said the sale/separation process for the Home & Personal Care segment is still in flux due to the tariff uncertainty.

The firm said Home & Personal Care, a non-core business, has faced a weaker US consumer and will bear about half of Spectrum Brands' overall tariff burden of $80 million to $90 million.

Oppenheimer maintained the company's outperform rating and $105 price target.

Shares of Spectrum Brands were down 2.6% in recent Tuesday trading.

Price: 69.44, Change: -1.82, Percent Change: -2.55