Canaccord Genuity Reiterates Buy Rating for Newell Brands (NWL)

Newell Brands Inc. (NASDAQ:NWL) is one of the 10 best consumer staples penny stocks to buy now.

On April 16, Canaccord Genuity increased the price target on Newell Brands Inc. (NASDAQ:NWL) from $8 to $9, resulting in an adjusted upside potential of almost 108% at the prevailing level. The firm also maintained its Buy rating on the stock.

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The price target adjustment was based on revisions to estimates before the first-quarter earnings. These incorporated analysis of sales data from Circana, Semrush searches, and social media engagement. Canaccord notes a good risk-to-reward ratio going into the earnings print, driven by strong Sharpie and Graco segments, better performance in Rubbermaid, and upside potential in the outdoor category.

Canaccord Genuity also highlighted Coleman’s new collapsible cooler as the top-selling product on Amazon. The rating supports the view that Newell Brands Inc. (NASDAQ:NWL) is currently one of the top penny stocks within the consumer staples category.

On April 9, RBC Capital reduced the price target on Newell Brands Inc. (NASDAQ:NWL) from $4.50 to $4 while reiterating a Sector Perform rating on the stock. The firm attributed this stance to the first-quarter earnings preview, which uncovered muted topline trends.

RBC Capital also noted inflationary pressures and rising commodity prices amid the Middle East conflict. Despite positive developments around the ceasefire, it anticipates the impact of such factors to persist in the foreseeable future.

Newell Brands Inc. (NASDAQ:NWL) designs, manufactures, and sells commercial and consumer goods. Its product portfolio includes cleaning and maintenance services, storage products, closet and garage organization goods, and vacuum sealing goods. It also offers stationery and art supplies, technical apparel, gourmet cookware and bakeware, labeling solutions, and baby care products.

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