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Clorox is 'dead money at best,' Wells Fargo says in double downgrade

Clorox Disinfecting Wipes canisters move along a conveyor belt at the company's manufacturing facility in Forest Park, Georgia, on Wednesday March 10, 2021.
Matt Odom | Bloomberg | Getty Images

There is not much reason for optimism that the recent downturn for Clorox will reverse any time soon, Wells Fargo said Monday in a rare double downgrade of a stock.

The cleaning products company saw a surge in demand at the start of the pandemic, but its shares have dropped nearly 30% since the end of July, and its most recent earnings report saw adjusted earnings per share fall 14% year over year.

Wells Fargo analyst Chris Carey dropped Clorox all the way to underweight from overweight, saying in a note to clients that the stock was "dead money at best, with downside, in our view."

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