D.A. Davidson confident on WD-40's growth strategy, upgrades to 'buy'

WD-40 Co

18/07/2022 13:17

** D.A. Davidson raises rating on home cleaning products
maker WD-40 Co  WDFC.O  to "buy" from "neutral"
    ** Brokerage says WDFC's business can resist recession and
that it is confident in co's growth strategy
    ** D.A. Davidson also hikes PT to $205 from $169, implying
an upside of ~22% to last close
    ** WDFC benefits from being very diversified in terms of its
geographies, channels of distribution and end-use customers,
brokerage says 
    ** "Their strategy should accelerate core long-term sales
growth to mid- to high-single digits from 5.8% in the last 10
years," it adds
    ** Shares of co up ~2% in light premarket trading 
    ** Avg. rating of 3 analysts is "hold"; median PT is $207.50
- Refinitiv data
    ** As of last close, stock fell ~31% this year
    

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))