Spectrum Brands Holdings Inc Stock Forecast:
Six analysts have predicted that Spectrum Brands Holdings Inc‘s stock price will reach an average target of USD 77.50 in the next 12 months, and they have given the company a Strong Buy rating. However, Stock Target Advisor‘s analysis is Slightly Bearish, based on 6 positive signals and 8 negative signals. The current stock price of Spectrum Brands Holdings Inc is USD 70.37, which has increased by +5.82% over the past week and +6.80% over the past month but has decreased by -17.11% over the last year.
Spectrum Brands Holdings News:
Spectrum Brands Holdings Inc. and Sweden’s Assa Abloy have reached a settlement with the U.S. Justice Department regarding Assa’s proposed $4.3 billion acquisition of Spectrum’s hardware and home improvement (HHI) division. The division includes the Baldwin and Kwikset brands, while Assa Abloy is known for its Yale, August, and EMTEK brands. As part of the settlement, Assa Abloy has agreed to divest its Emtek and Smart Residential businesses in the United States and Canada to Fortune Brands.
The settlement is a significant step forward for Assa Abloy’s acquisition of Spectrum’s HHI division, which was initially announced in December 2020. The deal was subject to review by the U.S. Department of Justice’s antitrust division, which expressed concerns that the acquisition could harm competition in the market for residential locksets, resulting in higher prices and fewer choices for consumers.
Under the terms of the settlement, Assa Abloy will divest its Emtek business, which produces high-end decorative hardware, and its Smart Residential business, which provides smart locks and connected devices for the residential market. Fortune Brands, a leading home and security products company, will acquire these businesses, subject to regulatory approval.
Analysts Coverage Change:
Wells Fargo & Company maintains Spectrum Brands Holdings with an “Overweight” rating and raises the target price to $90 from $75 on the company’s stock.
