Spectrum Brands Still 'Attractively Valued' Despite Uncertain Environment, Oppenheimer Says

MT Newswires Live
25 Mar

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

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