Analysts Lower Price Targets on Newell Brands (NWL) After Q3 Results

Newell Brands Inc. (NASDAQ:NWL) is one of the 12 Best American Penny Stocks to Buy Right Now. On November 3, RBC Capital reduced its price target on Newell Brands Inc. (NASDAQ:NWL) from $8 to $4.50 and kept a Sector Perform rating. This followed the company’s Q3 results, which RBC Capital called “one of its more challenging results in recent history.”

The research firm noted that Newell Brands Inc. (NASDAQ:NWL) is running much better now than when it started its journey of recovery. However, RBC Capital still finds it difficult to be more optimistic about the stock as the company’s performance is being dictated by external factors.

Analysts Lower Price Targets on Newell Brands (NWL) After Q3 Results

On November 3, Canaccord Genuity also reduced its price target on Newell Brands Inc. (NASDAQ:NWL) from $9 to $7 and kept its Buy rating.

This decision came after the company reported weaker-than-expected results for the third quarter. Newell Brands Inc. (NASDAQ:NWL) reported sales 4% below market expectations. Gross profit came in 5% lower than consensus estimates while adjusted EBITDA was also 6% below market expectations.

Canaccord Genuity pointed out that their “patience is clearly being tested,” but they still believe there is “asymmetric upside” in Newell Brands Inc.’s (NASDAQ:NWL) shares. The research firm noted that “turnarounds do not happen in a straight line.”

Newell Brands Inc. (NASDAQ:NWL) is an American consumer goods company with a strong portfolio of brands such as Rubbermaid, Sharpie, Graco, Coleman, Rubbermaid Commercial Products, Yankee Candle, Paper Mate, FoodSaver, Dymo, EXPO, Elmer’s, Oster, NUK, Spontex, and Campingaz.

While we acknowledge the potential of NWL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NWL and that has a 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 10 Stocks Under $20 to Buy According to Analysts and 12 Best Performing Stocks in the Last 3 Months.

Disclosure: None. This article is originally published at Insider Monkey.