Clorox (NYSE:CLX) Sales Growth Slowing

Sales growth for Clorox (NYSE:CLX) appears to be slowing, as well as share repurchases, as earnings looks like it'll come in below expectations.

Barclays said, "All in, the company expects earnings in F2Q11 to come in - $0.08-0.14/share below our current estimates, reflecting both lower sales growth and a slower pace of share repurchase. Management will update its fiscal year EPS outlook when it reports earnings in early February. In the meantime, we are lowering our F2011 EPS estimate by $0.22/share to $3.93 including roughly $0.13/share due to lower sales, with the balance driven by changes in the timing and flow through of share repurchase activity. Our new price target of $67 implies a roughly 16x multiple on our new calendar 2011 EPS estimate of $4.20."

Barclays maintains an "Overweight" rating on Clorox, which closed at $61.57 on Tuesday. Barclays lowered their price target on them from $71 to $67.