NWL - Why Newell Brands Stock Popped on Tuesday
2023-07-11 16:07:05 ET
Shares of Newell Brands (NASDAQ: NWL) , maker of Rubbermaid food containers, Sharpie pens, and Coleman coolers, surged 11.1% through 3:20 p.m. ET Tuesday amid furious debating among Wall Street analysts over whether the consumer goods stock will make for a good investment -- or just so-so.
On the one hand, stock shop Canaccord initiated coverage of Newell with a "buy" rating and a $13 price target, predicting that "better days are ahead" after an "ugly" first half of 2023. On the other hand, though, investment bank Citigroup cut its own price target on the stock -- from $13 down to just $9 a share.
Citing "new management at the helm" with a new strategy to grow sales, Canaccord is predicting that Newell will be able to improve both its profits and cash flow, and to use that extra cash to pay down some debt later this year, reports ratings watcher TheFly today.
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Why Newell Brands Stock Popped on Tuesday