UPDATE: S&P Capital Downgrades WD-40

In a note dated April 10th, S&P Capital downgraded WD-40 (NASDAQ: WDFC) from Sell to Hold and reduced the price target from $74 to $67.

S&P analyst J. Agnese commented, "While strong demand in the Americas and EMEA is encouraging, we are concerned growth will be pressured by price increases needed to cover rising raw material expenses and by higher freight costs."

Looking forward, Agnese's fiscal year 14 EPS estimate remains unchanged at $2.76, which is at the higher end of the guidance range ($2.65 - $2.80).