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June 01, 2012 at 09:39 AM EDT
Clorox Upgraded to “Buy” at Citigroup (CLX)

Cleaning products maker The Clorox Company (CLX) on Friday caught a big upgrade from analysts at Citigroup.

The firm said it upgraded CLX from “Neutral” to “Buy” with a $78 price target. That new target suggests a 13% upside to the stock’s Thursday closing price of $68.80. Citigroup noted the company has strong management and its well-positioned for growth in coming quarters.

Clorox shares posted modest gains in premarket trading Friday.

The Bottom Line
Shares of Clorox (CLX) have a 3.72% dividend yield, based on last night’s closing stock price of $68.80. The stock has technical support in the $64-$66 price area. If the shares can firm up, we see overhead resistance around the $70-$71 price levels.

The Clorox Company (CLX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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