Clorox Disinfecting Wipes canisters move along a conveyor belt at the company’s manufacturing facility in Forest Park, Georgia, on Wednesday March 10, 2021.
Matt Odom | Bloomberg | Getty Images
There is not much reason for optimism that the recent downturn for Clorox will reverse any time soon, Wells Fargo said Monday in a rare double downgrade.
The cleaning products company saw a surge in demand at the start of the pandemic, but its shares have dropped nearly 30% since the end of July and its most recent earnings report saw adjusted earnings per share fall 14% year over year.
Wells Fargo analyst Chris Carey dropped Clorox all the way to underweight from overweight, saying in a note to clients that the stock was “dead money at best, with downside, in our view.”
Clorox is ‘dead money at best,’ Wells Fargo says in double downgrade