WD-40 rises after higher Q2 earnings, Davidson upgrades to 'neutral'

WD-40 Co

08/04/2022 13:28

** Shares of household products co  WDFC.O  up 9.3% at
$190.90 in premarket trading
    ** WDFC on Thursday said Q2 net sales rose 16% to $130 mln,
while net income rose to $19.5 mln from $17.2 mln a year earlier
 urn:newsml:reuters.com:*:nL3N2W538K
    ** D.A. Davidson raises rating to "neutral" from
"underperform"; hikes PT to $172 from $157 due to strong sales
growth and higher gross margin visibility
    ** Jefferies says increased market share and new product
launches will support 3% volume growth in 2022
    ** "Supply issues are no longer constraining sales, but
inventories will likely remain elevated into 2023" - Jefferies
    ** Avg. rating of 3 analysts is "sell"; median PT is $178.50
- Refinitiv data
    ** As of last close, stock fell ~29% this year

    

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