Clorox Slips As Wells Fargo Says Sell, Calls 'Dead Money At Best'

Credit Suisse analyst Kaumil Gajrawala also lowered his price target on Clorox to $185 from $205 but kept a Neutral rating on the shares. The analyst highlighted that Clorox reported organic sales down 1% in the third quarter versus expectations of up 5%. Lower shipments of cleaning and disinfecting products, as well as supply constraints on wipes, drove the miss, Gajrawala added, pointing out that limited mobility is still a drag on Burt's Bees, but driving at-home consumption of charcoal, cat litter, and trash bags.

Meanwhile, Deutsche Bank analyst Steve Powers lowered the firm's price target on Clorox to $186 from $195, keeping a Hold rating on the shares. The company reported a "disappointing" quarter Friday in terms of the top-line results, owing to weaker sales in its Health and Wellness segment, Powers told investors in a research note of his own.

PRICE ACTION

In afternoon trading, shares of Clorox dropped about 1% to $181.16.

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