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GIS

General Mills

$60.26

-0.4 (-0.66%)

, K

Kellogg

$74.98

-0.13 (-0.17%)

07:46
03/21/17
03/21
07:46
03/21/17
07:46

U.S. food companies downgraded to Underperform at Bernstein

Bernstein analyst Alexia Howard downgraded General Mills (GIS), Kellogg (K), J.M. Smucker (SJM), Conagra Brands (CAG), and Campbell Soup (CPB) to Underperform from Market Perform. As reasons for the downgrades, Howard cited the companies' deteriorating revenue trends and her belief that any takeover premiums for the companies " are unlikely to be particularly high." She adds that activist investors probably won't get involved in the stocks while they are trading at such high valuations. Finally, the analyst believes that the companies are being hurt by consumers' desire for fresher foods and unfavorable shelf space trends at retailers. General Mills target to $52 from $61, Campbell target to $54 from $61, J.M. Smucker target to $130 from $147, Kellogg target to $69 from $83, Conagra target remains $36.

GIS

General Mills

$60.26

-0.4 (-0.66%)

K

Kellogg

$74.98

-0.13 (-0.17%)

SJM

J.M. Smucker

$138.50

-0.05 (-0.04%)

CAG

Conagra Brands

$40.82

-0.6 (-1.45%)

CPB

Campbell Soup

$59.00

-0.2 (-0.34%)

  • 21

    Mar

GIS General Mills
$60.26

-0.4 (-0.66%)

03/21/17
BERN
03/21/17
DOWNGRADE
BERN
Underperform
General Mills downgraded to Underperform from Market Perform at Bernstein
02/15/17
DBAB
02/15/17
INITIATION
Target $61
DBAB
Hold
General Mills initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Rob Dickerson started General Mills with a Hold rating and $61 price target.
02/15/17
02/15/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Kraft Heinz (KHC) and ConAgra Brands (CAG) were initiated with Buy ratings at Deutsche Bank. The firm also initiated Campbell Soup (CPB), J.M. Smucker (SJM) General Mills (GIS), Hershey (HSY), Kellogg (K) and Mondelez (MDLZ) with a Hold, as well as Pinnacle Foods (PF), Hostess Brands (TWNK) and Snyder's Lance (LNCE) with a Buy. 2. MasterCard (MA) and Visa (V) initiated with Buy ratings at Loop Capital by analyst Joseph Vafi. 3. Bioverativ (BIVV) initiated with an Outperform rating and $56 price target at Leerink by analyst Jason Gerberry. 4. Encana (ECA) initiated with an Overweight at JPMorgan. The firm also reinstated Cheniere Energy (LNG) and Cheniere Energy Partners LP (CQH) with Overweight ratings. 5. Blueprint Medicines (BPMC) initiated with an Overweight at Morgan Stanley by analyst Andrew Berens. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here
03/03/17
SBSH
03/03/17
NO CHANGE
SBSH
Kraft may look at General Mills, Kellogg, says Citi
In the wake of Kraft Heinz's (KHC) bid for Unilever (UN), Citi analyst Adam Spielman weighed in on the implications for consumer staples globally and said he thinks further M&A is likely, most probably in the U.S. He believes Kraft may still look at Unilever's food assets, or could target General Mills (GIS) or Kellogg (K). He also sees Mondelez (MDLZ) as a possible, but less likely, target for Kraft. Unilever could react by entering new categories, but Spielman sees it as more likely to reinforce existing strengths, "which points to" Colgate (CL) or Edgewell (EPC), he tells investors.
K Kellogg
$74.98

-0.13 (-0.17%)

03/21/17
BERN
03/21/17
DOWNGRADE
BERN
Underperform
Kellogg downgraded to Underperform from Market Perform at Bernstein
02/15/17
DBAB
02/15/17
INITIATION
Target $79
DBAB
Hold
Kellogg initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Rob Dickerson started Kellogg with a Hold rating and $79 price target.
SJM J.M. Smucker
$138.50

-0.05 (-0.04%)

02/15/17
DBAB
02/15/17
INITIATION
Target $145
DBAB
Hold
J.M. Smucker initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Rob Dickerson started J.M. Smucker with a Hold rating and $145 price target.
12/06/16
12/06/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Pandora (P) initiated with a Buy at Aegis. 2. McCormick (MKC) initiated with a Buy at BofA/Merrill. 3. Skechers (SKX) initiated with an Outperform at Wells Fargo. 4. J.M. Smucker (SJM) initiated with a Neutral at BofA/Merrill. 5. Charter (CHTR) initiated with an Outperform at RBC Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/21/17
BERN
03/21/17
DOWNGRADE
BERN
Underperform
J.M. Smucker downgraded to Underperform from Market Perform at Bernstein
CAG Conagra Brands
$40.82

-0.6 (-1.45%)

03/21/17
BERN
03/21/17
DOWNGRADE
BERN
Underperform
Conagra Brands downgraded to Underperform from Market Perform at Bernstein
02/15/17
DBAB
02/15/17
INITIATION
Target $46
DBAB
Buy
Conagra Brands initiated with a Buy at Deutsche Bank
Deutsche Bank analyst Rob Dickerson started Conagra Brands with a Buy rating and $46 price target.
01/11/17
01/11/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Paychex (PAYX) upgraded to Market Perform from Underperform at Bernstein with analyst Lisa Elllis saying she sees the company as a pure play beneficiary of the Trump administration's policies and has begun "explicitly incorporating a 50% probability" that it will benefit from U.S. corporate tax cuts. 2. Williams Partners (WPZ) upgraded to Outperform from Market Perform at Wells Fargo and to Strong Buy from Outperform at Raymond James. 3. Conagra Brands (CAG) upgraded to Buy from Neutral at Citi with analyst David Driscoll saying he sees upside to estimates from better than expected margin expansion and the potential for accretive acquisitions. The analyst introduced a long Conagra, short McCormick (MCK) pair trade. He raised his price target for Conagra to $45 from $38 and lowered his price target for Neutral-rated McCormick to $100 from $110. 4. Kraft Heinz (KHC) upgraded to Neutral from Sell at Citi with analyst David Driscoll upgraded Kraft Heinz (KHC) to Neutral citing his belief that the company is "gearing up for" for a large accretive transaction in 2017. The analyst believes, however, that such an announcement is reflected in the current valuation. Driscoll favors General Mills (GIS) or Kellogg (K) as targets for Kraft. He raised his price target for the shares to $88 from $81. 5. Expedia (EXPE) upgraded to Outperform from Neutral at Credit Suisse. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CPB Campbell Soup
$59.00

-0.2 (-0.34%)

03/21/17
BERN
03/21/17
DOWNGRADE
BERN
Underperform
Campbell Soup downgraded to Underperform from Market Perform at Bernstein
02/15/17
DBAB
02/15/17
INITIATION
Target $65
DBAB
Hold
Campbell Soup initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Rob Dickerson started Campbell Soup with a Hold rating and $65 price target.
09/19/16
09/19/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PayPal (PYPL) downgraded to Hold from Buy at Canaccord with analyst Michael Graham saying he expects TPV growth to remain solid driven by Venmo and One Touch, but said these factors are well understood and reflected in estimates. 2. Viacom (VIA, VIAB) downgraded to Hold from Buy at Stifel with analyst Benjamin Mogil saying the stock's valuation is no longer attractive in the wake of the news that the company had decided to table its plans to sell a minority stake in Paramount. 3. Caterpillar (CAT) downgraded to Mixed from Positive at OTR Global with the firm saying third quarter global new heavy equipment orders are down 8%-11% year-over-year on weakness in North American. 4. Western Union (WU) downgraded to Negative from Neutral at Susquehanna with analyst James Friedman saying he is concerned about downside risks given the company's high multiple, increased regulatory scrutiny, and the lack of improvement in its Middle East business. 5. Campbell Soup (CPB) downgraded to Hold from Buy at Argus. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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OKE

ONEOK

$51.66

-1.12 (-2.12%)

, OKS

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OKS

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AZN

AstraZeneca

$34.34

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  • 26

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NTNX

Nutanix

$17.57

0.12 (0.69%)

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BIG

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WING

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HUBG

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RELL

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COST

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MNK

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FRGI

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YUM

Yum! Brands

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  • 31

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LBIO

Lion Biotechnologies

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CPE

Callon Petroleum

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HGV

Hilton Grand Vacations

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SYPR

Sypris Solutions

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BBY

Best Buy

$61.25

10.83 (21.48%)

, HPQ

HP Inc.

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On The Fly: Top stock stories for Thursday »

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