Analyst Note
| Erin Lash, CFA |We don’t expect to change our $161 fair value estimate (beyond time value) or our long-term outlook (which calls for 3%-4% annual sales growth and operating margins approximating 20% by the end of the next 10 years) for Clorox after digesting mixed first-quarter results. Following the mid-single-digit percent pop in shares in after-hours trading, we don’t view the stock as attractive, but would suggest investors keep an eye on this wide-moat name for any subsequent pullbacks in the share price.