Rendle said Clorox remains committed to health and safety and is doing everything it can to increase production capacity for wipes, disinfectants and cleaning products. The company continues to see robust sales as consumers stock up again ahead of another wave of coronavirus cases.
She added that Clorox's brands are more relevant than ever to consumers. As they stay at home more, they cook more with Hidden Valley, they grill more with Kingsford charcoal, and they drink more water filtered by Brita. Glad trash bags also remain popular, as Clorox has innovated with no-rip materials and clean scents.
Rendle noted that Clorox has increased ad spending by 30% and will continue to do so through year end to take market share and solidify their brands.
Let's check and see how the stock has been doing lately.
We last reviewed CLX back on June 22 and wrote that, "Clorox doesn't sell software to the stay-at-home economy and it doesn't make chips nor stream movies, but nevertheless CLX is in a strong uptrend with higher price targets. Stay long, raise sell stops to a close below $205 as our targets range from $265 to $348." Traders should still be long as our stop was a close below $205 and our first price target was not reached.