EPC - Edgewell Personal Care loses conviction buy status at Goldman Sachs

Goldman Sachs pulled back on its view of Edgewell Personal Care Company ( NYSE: EPC ) after pointing to a long period of outperformance for the household products stock relative to the broad marker.

Looking ahead, the firm sees risk that the FY23 consensus forecast on EPC could prove much too high and takes its own EPS estimate down to about now 9% below the Street mark.

Goldman lowered its rating on EPC to Neutral from Buy and scratched the stock off its Americas Conviction List.

"Our original thesis on EPC was simple. We argued that the worst of its wet shave headwinds were behind the company and that it would be able to durably inflect to positive organic sales growth beginning in FY21. This has transpired as the company has benefited from more favorable category conditions in wet shave and strong execution in sun care and feminine care. The stock has appropriately re-rated with this fundamental improvement."

Shares of Edgewell Personal Care ( EPC ) fell 1.67% in premarket action following the Goldman cut.

Edgewell Personal Care ( EPC ) is due to report earnings on November 10.

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