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KO

Coca-Cola

$44.54

0.44 (1.00%)

, PEP

PepsiCo

$109.11

-3.03 (-2.70%)

12:37
02/15/18
02/15
12:37
02/15/18
12:37

On The Fly: What to watch in Coca-Cola earnings report

Coca-Cola (KO) is scheduled to report results of its fiscal fourth quarter before the market open on Friday, February 16, with a conference call scheduled for 9:00 am ET. What to watch for: 1. GUIDANCE: When Coca-Cola reported third quarter earnings on October 24, the company reiterated its FY17 comparable EPS view of even to a 2% decline, and said it saw FY17 organic revenue growth about 3%, with 7% to 8% growth in comparable currency neutral income before income taxes, driven by strong operating performance, partially offset by the impact of an increasing interest rate environment. Overall, Coca-Cola said on its Q3 earnings call that it was "on track" to deliver its fiscal 2017 plan. 2. DIET COKE RELAUNCH: In January, Coca-Cola announced a re-launching of Diet Coke with a new look, "sleek" 12 ounce cans, and four new flavors -- Diet Coke Ginger Lime, Diet Coke Feisty Cherry, Diet Coke Zesty Blood Orange and Diet Coke Twisted Mango. The Wall Street Journal noted that Coca-Cola, PepsiCo (PEP), and Dr. Pepper Snapple (DPS) have all been launching new brands and flavors in an attempt to combat the drop in soda sales as costumers shift to less sugary drinks. 3. ANALYSTS FAIRLY POSITIVE OVER THE QUARTER: Back in November, BMO Capital analyst Amit Sharma noted that Coca Cola management's investor day presentation outlines structural and operational changes designed to accelerate the shift to faster-growing, non-sparkling categories and capture more of the "Non Alcoholic Ready to Drink" market growth. Sharma, however, kept his Market Perform rating and $47 price target, saying that despite the positive changes outlined, the company's ability to consistently beat long-term EPS goals has not changed. On December 13, Deutsche Bank analyst Steve Powers initiated Coca-Cola with a Buy rating and $52 price target, saying he sees the company's prospects inflecting positive after years of strategic repositioning. Coca-Cola is determined to win across all beverages, the analyst contended. Additionally, on January 12, Coca-Cola was upgraded to Outperform from In Line at Evercore ISI. 4. DIVIDEND RAISE: The day before Coca-Cola's scheduled earnings, its board approved a 5.4% increase in its quarterly dividend, raising it to 39c from 37c per common share. Coca-Cola said, "The dividend increase reflects the board's confidence in the company's long-term cash flow. The company returned $6.3B in dividends to shareowners in 2017." 5. REASON FOR EARNINGS DELAY: Coca-Cola revised the release date for its Q4 financial results to more fully assess the impact of the Tax Cuts and Jobs Act in the United States, including changes to the company's effective tax rate. Previously, Coca-Cola had announced plans to release Q4 financial results on February 13.

KO

Coca-Cola

$44.54

0.44 (1.00%)

PEP

PepsiCo

$109.11

-3.03 (-2.70%)

DPS

Dr Pepper Snapple

$115.90

0.99 (0.86%)

  • 16

    Feb

  • 19

    Feb

KO Coca-Cola
$44.54

0.44 (1.00%)

01/12/18
EVER
01/12/18
UPGRADE
EVER
Outperform
Coca-Cola upgraded to Outperform from In Line at Evercore ISI
01/30/18
BERN
01/30/18
NO CHANGE
Target $124
BERN
Market Perform
Dr Pepper Snapple price target raised to $124 from $92 at Bernstein
Bernstein analyst Ali Dibadj raised his price target for Dr Pepper Snapple to $124 from $92 after the company and Keurig Green Mountain announced a definitive merger agreement to create public company Keurig Dr Pepper. While the analyst views this merger as good for Dr Pepper Snapple shareholders, there are unanswered questions about the prospects as a combined entity, with revenue synergies remaining unclear, synergy targets appearing stretched, and the Coca-Cola (KO)/PepsiCo (PEP) distribution partnership remaining a risk. Dibadj reiterates a Market Perform rating on Dr Pepper Snapple's shares.
01/29/18
RHCO
01/29/18
INITIATION
Target $125
RHCO
Hold
PepsiCo initiated with a Hold at SunTrust
As reported earlier, SunTrust analyst William Chappell initiated PepsiCo (PEP) with a Hold rating and a price target of $125. Chappell contends that after 5 years of price and promotion with Coca-Cola (KO), the companies' next phase will likely see "price increases or at least less promotional activity" on some beverage items. The analyst also notes that the investor concerns about the snacking category are overblown, pointing some recovery in Q4, while the positive FX, emerging markets, and tax reform dynamics create more tailwinds.
01/18/18
SUSQ
01/18/18
NO CHANGE
Target $54
SUSQ
Neutral
Monster Beverage current U.S. growth not sustainable, says Susquehanna
Susquehanna analyst Pablo Zuanic said he expects Monster Beverage (MNST) to provide good guidance commentary, but he is concerned about margin pressures and lower overseas growth. He does not think the U.S. growth rate is sustainable and also does not believe regulatory risk is priced in, nor is continued margin pressure. Zuanic also said he does not see a bid from Coca-Cola (KO). Zuanic reiterated his Negative rating and lowered his price target to $54 from $56 on Monster Beverage shares.
PEP PepsiCo
$109.11

-3.03 (-2.70%)

02/14/18
02/14/18
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. PepsiCo (PEP) downgraded to In Line from Outperform at Evercore ISI with analyst Robert Ottenstein saying that while the company's dividend increase is "important and positive," he no longer expects the company to outperform in the beverage sector amid an "array of issues" at North America Beverage segment limiting upside performance. 2. Spark Therapeutics (ONCE) downgraded to Neutral from Overweight at JPMorgan with analyst Cory Kasimov saying he remains optimistic about the long-term outlook for the company, but notes the shares are now within 10% of his price target following the recent rally. 3. Chimerix (CMRX) downgraded to Underweight from Neutral at JPMorgan with analyst Jessica Fye saying with base-case timing for the AdAPT data well over a year away, the shares will underperform over the near term. 4. Avis Budget (CAR) downgraded to Sell from Neutral at Goldman Sachs with analyst David Tamberrino saying he believes transitory benefits from Hurricane recovery demand are waning, and headwinds from reduced residual values, higher interest rates, continued competition, and increased SG&A expenses will pressure Avis' earnings outlook. 5. Lexicon (LXRX) downgraded to Underweight from Neutral at JPMorgan with analyst Jessica Fye saying the Xermelo launch remains slow, and consensus estimates of $55M and $99M for 2018 and 2019 are too high. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/14/18
RHCO
02/14/18
NO CHANGE
Target $115
RHCO
Hold
PepsiCo price target lowered to $115 from $125 at SunTrust
SunTrust analyst William Chappell lowered his price target on PepsiCo to $115 from $125, saying it is surprising that investors are giving the company a pass on its decision to reinvest a majority of its tax savings back into the business. The analyst adds that while PepsiCo's North America Beverage segment organic sales improved sequentially to -3% from -5%, they remain below the multi-year track record of low-single-digit growth. While the company has plans for product innovation and brand building, the analyst contends that the flat growth remains a concern. Chappell keeps his Hold rating on PepsiCo.
02/14/18
EVER
02/14/18
DOWNGRADE
EVER
In Line
PepsiCo downgraded to In Line at Evercore ISI on NAB issues
As reported earlier, Evercore ISI analyst Robert Ottenstein downgraded PepsiCo to In Line from Outperform. The analyst says that while the company's dividend increase is "important and positive", he no longer expects the company to outperform in the beverage sector amid an "array of issues" at North America Beverage segment limiting upside performance. Ottenstein also points to rising commodity prices and expectations of the company to increase marketing expenses in NAB if results do not materialize. potentially putting downward pressure on the second half of 2018 earnings.
02/14/18
EVER
02/14/18
DOWNGRADE
EVER
In Line
PepsiCo downgraded to In Line from Outperform at Evercore ISI
DPS Dr Pepper Snapple
$115.90

0.99 (0.86%)

01/31/18
MSCO
01/31/18
DOWNGRADE
Target $121
MSCO
Equal Weight
Dr Pepper Snapple downgraded to Equal Weight at Morgan Stanley
Morgan Stanley analyst Dara Mohsenian downgraded Dr Pepper Snapple to Equal Weight from Overweight yesterday following the company's announcement of a merger agreement with Keurig to create Keurig Dr Pepper. He raised his price target on Dr Pepper shares to $121 from $105.
02/06/18
LEHM
02/06/18
UPGRADE
Target $130
LEHM
Overweight
Dr Pepper Snapple upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Lauren Lieberman upgraded Dr Pepper Snapple Group to Overweight and raised her price target for the shares to $130 from $88. The analyst sees upside to cost savings and cash generation targets for the new business following the merger with Keurig. She believes the combined entity is being undervalued.
02/01/18
BMOC
02/01/18
DOWNGRADE
Target $125
BMOC
Market Perform
Dr Pepper Snapple downgraded to Market Perform from Outperform at BMO Capital
BMO Capital analyst Amit Sharma downgraded Dr Pepper Snapple to Market Perform from Outperform but also raised his price target to $125 from $105. Sharma points to the additional disclosures of the Keurig Green Mountain merger, which suggest to him that EBITDA and annualized growth rate estimates will be below the company's 2021 outlooks. Despite the limited upside for Keurig, the analyst still contends that the combined company can execute on its cost agenda, generate revenue synergies, and is now "better positioned to acquire faster growing partner brands."

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