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CIBC World Ups Spectrum Brands to Sector Perform

CIBC World upgraded Spectrum Brands (SPC) to sector perform from sector underperform, explaining that investor sentiment, expectations and valuation of the company have bottomed.

says that after the company's three straight disappointing quarters, he now expects to see it have cost savings of 70 cents to 75 cents from various sources in fiscal year 2007. He thinks the savings will begin accelerating later this year, which together with significant balance sheet de-leveraging, should drive meaningful value creation over the next 12 to 18 months. He thinks the upgrade is not a call on the March quarter, with business trends unlikely to show material improvement until later. He sees $2.00 fiscal year 2006 earnings per share (EPS,) and ups his $2.55 fiscal year 2007 estimate to $2.60.

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