Goldman Sachs analyst Jason English downgraded Edgewell Personal Care to Neutral from Buy with a price target of $42, down from $47. The analyst also removed the shares from Goldman’s Americas Conviction List. The stock’s re-rating has now played out, says English, who sees risk that the fiscal 2023 consensus estimates “could prove much too high.” Edgewell’s cost pressure will moderate next year, but to still remain a headwind, and the consensus forecast for 90 basis points of gross margin expansion “will prove too optimistic,” English tells investors in a research note. He downgraded the shares ahead of “potentially disappointing guidance.”
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