BofA Securities lowered its price target on Kimberly-Clark to $120. The previous target was $122. The firm maintained its Buy rating.
BofA now expects organic sales to decline 3% year over year in the third quarter. It previously forecast 0.7% growth. The revised estimate reflects a social media backlash in China, a delay in a North American product launch, and disruptions in the North American professional distribution network.
The firm also lowered its third-quarter gross margin estimate, citing challenges in freight and logistics. It cut its earnings-per-share estimate for the quarter to $1.55 from $1.75.