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KO

Coca-Cola

$45.93

0.11 (0.24%)

, PEP

PepsiCo

$112.80

-0.22 (-0.19%)

13:06
08/14/18
08/14
13:06
08/14/18
13:06

Coca-Cola's BodyArmor deal seen as negative for Pepsi, Keurig Dr Pepper

In latest attempt to break Gatorade's lock on the sports market, Coca-Cola (KO) announced it is buying a stake in BodyArmor, the sports drink startup backed by Kobe Bryant and other athletes. Commenting on the news, Evercore ISI analyst Robert Ottenstein told investors that it views Coca-Cola's stake in BodyArmor as a "clear positive" for the beverage giant and a "clear negative" for Gatorade's owner PepsiCo (PEP) and Keurig Dr Pepper (KDP). MINORITY STAKE IN BODYARMOR: This morning, Coca-Cola and BodyArmor announced that they have entered into a definitive agreement through which the former will acquire a minority ownership stake in the latter. Under the agreement, BodyArmor will have the opportunity to gain access to the expansive Coca-Cola bottling system, enabling the fast-growing brand to accelerate its growth to meet consumer demand for its premium line of sports performance and hydration drinks. The initial investment is uniquely structured to create value for both companies and allow Coca-Cola to increase its ownership stake in the future under defined terms. Financial terms of the agreement were not disclosed. The BodyArmor investment will be part of the Coca-Cola North America Venturing and Emerging Brands investment portfolio. The brand will continue to operate independently with the same entrepreneurial spirit that has made it so successful under the leadership of co-founder and Chairman Mike Repole and his BodyArmor management team. Through the transaction, Coca-Cola will become the second largest shareowner in BodyArmor, behind Repole. 'CLEAR NEGATIVE' FOR PEPSICO, KEURIG DR PEPPER: In a research note to investors, Evercore ISI's Ottenstein said he sees Coca-Cola's stake in BodyArmor as a "clear positive" for the beverage giant and its global bottling system and a "clear negative" for PepsiCo, whose market-leading Gatorade product is most at risk, and for Keurig Dr Pepper. BodyArmor was one of the latter's most important Allied Brands and while Keurig Dr Pepper retains its 12.5% share for now, it loses distribution of the product and any path to ownership it may have enjoyed, the analyst added. Ottenstein argued that with eventual ownership, the Coke System will have the potential to deploy the "classic sandwich" on Gatorade, with Body Amour priced above it and Powerade somewhat below. PRICE ACTION: In afternoon trading, shares of Coca-Cola are up fractionally to $45.94, while PepsiCo's stock is down fractionally to $112.84. Shares of Keurig Dr Pepper are also slipping to $23.66.

KO

Coca-Cola

$45.93

0.11 (0.24%)

PEP

PepsiCo

$112.80

-0.22 (-0.19%)

KDP

Keurig Dr Pepper

$23.61

-0.14 (-0.59%)

KO Coca-Cola
$45.93

0.11 (0.24%)

07/16/18
RBCM
07/16/18
NO CHANGE
Target $75
RBCM
Outperform
Monster Beverage price hike to come November 1st, says RBC Capital
RBC Capital analyst Nik Modi says his industry sources have confirmed that Monster Beverage (MNST) intends to raise its prices by 4.0-5.5% on November 1st depending on the pack size, which would be in line with the management's indication of pricing review made at the June shareholder meeting. The analyst keeps his Outperform rating and $75 price target on Monster, adding that Coca Cola (KO), PepsiCo (PEP) and Keurig Dr Pepper (KDP) will also likely make pricing changes in response over the coming months.
07/26/18
RHCO
07/26/18
NO CHANGE
Target $55
RHCO
Buy
Coca-Cola price target raised to $55 from $50 at SunTrust
SunTrust analyst William Chappell raised his price target on Coca-Cola to $55 and kept his Buy rating, saying the company addressed his concerns about the negative price-mix in North America as pricing actually rose in low-single-digits in Q2. The analyst notes that his new price target implies a forward price earnings multiple of 24-times - a premium relative to peers based on the company's "strong organic growth performance".
08/06/18
MSCO
08/06/18
NO CHANGE
MSCO
Boeing, Tesla, Nvidia make Morgan Stanley 'key man risk' list
Morgan Stanley equity strategist Mark Savino noted that about 12% of CEO jobs among S&P 500 companies turned over in 2017, noting that this was the highest level of CEO departures since before the financial crisis. The 59 stocks of S&P 500 companies that had CEOs depart in 2017 underperformed the market by 11% over the next 12 months, or since the departure for instances that were less than 12 months ago, noted Savino. In cooperation with the firm's U.S. analysts, Savino and his team identified the companies in each sector they believe face the greatest level of "key man risk," which includes: Boeing (BA), Tesla (TSLA), ADT Inc. (ADT), Moody's (MCO), TransUnion (TRU), Arista Networks (ANET), Church & Dwight (CHD), Coca-Cola (KO), Monster Beverage (MNST), Coupa Software (COUP), Salesforce (CRM), FireEye (FEYE), MongoDB (MDB), Microsoft (MSFT), New Relic (NEWR), XPO Logistics (XPO), Hilton (HLT), Las Vegas Sands (LVS), Best Buy (BBY), Ulta (ULTA), Aflac (AFL), Athene Holding (ATH), Lincoln National (LNC), Arthur J. Gallagher (AJG), Chubb (CB), Amazon.com (AMZN), Activision Blizzard (ATVI), Facebook (FB), Alphabet (GOOGL), Apple (AAPL), Terex (TEX), Cleveland-Cliffs (CLF), Freeport McMoRan (FCX), FleetCor (FLT), Global Payments (GPN), Square (SQ), Jazz Pharmaceuticals (JAZZ), Cheesecake Factory (CAKE), Broadcom (AVGO), Nvidia (NVDA), Chegg (CHGG), DXC Technology (DXC), Medidata (MDSO), Pluralsight (PS), RealPage (RP), Shopify (SHOP) and T-Mobile (TMUS).
08/14/18
EVER
08/14/18
NO CHANGE
EVER
BodyArmor stake positive for Coca-Cola, negative for Pepsi, says Evercore
Evercore ISI analyst Robert Ottenstein views Coca-Cola's stake in BodyArmor as a "clear positive" for the company and a "clear negative" for both PepsiCo (PEP) and Keurig Dr Pepper (KDP). Pepsi's Gatorade product is most at risk with Coca-Cola taking a stake in BodyArmor, and Keurig Dr Pepper "losses distribution of the product and any path to ownership it might have enjoyed," Ottenstein tells investors in a research note.
PEP PepsiCo
$112.80

-0.22 (-0.19%)

07/23/18
JEFF
07/23/18
NO CHANGE
Target $107
JEFF
Hold
Jefferies sees risk of near-term downside in PepsiCo shares
Jefferies analyst Kevin Grundy sees potential near-term downside in shares of PepsiCo. Despite fundamental challenges and weak earnings quality, PepsiCo's "relative multiple remains elevated," Grundy tells investors in a research note. The analyst is "negatively biased" toward PepsiCo and reiterates a Hold rating on the shares with a $107 price target.
07/24/18
RHCO
07/24/18
NO CHANGE
Target $110
RHCO
Hold
PepsiCo price target raised to $110 from $105 at SunTrust
SunTrust analyst William Chappell raised his price target on PepsiCo to $110 to account for gains related to the impact of refranchising transactions, which he expects to support the company's high-single-digit EPS growth trend going forward. The analyst also keeps his Hold rating on PepsiCo as the stock is "fairly valued", with the company's Beverage business trading in line with peers and the Food business trading at the high end of its large-cap snack food peer range.
KDP Keurig Dr Pepper
$23.61

-0.14 (-0.59%)

07/18/18
GSCO
07/18/18
INITIATION
Target $26
GSCO
Neutral
Keurig Dr Pepper reinstated with a Neutral at Goldman Sachs
Goldman analyst Judy Hong reinstated Keurig Dr Pepper with a Neutral and $26 price target citing valuation.
07/24/18
SUSQ
07/24/18
UPGRADE
SUSQ
Positive
Keurig Dr Pepper upgraded to Positive from Neutral at Susquehanna
07/25/18
07/25/18
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. Snap (SNAP) upgraded to Mixed from Negative at Vertical Group with analyst Phil Leggiere citing expectations for strong 2H 2018 spending. 2. Keurig Dr Pepper (KDP) upgraded to Positive from Neutral at Susquehanna. 3. Lockheed Martin (LMT) upgraded to Outperform from Market Perform at Cowen with analyst Cai von Rumohr citing its enhanced visibility to roughly 10% growth through 2021, above average cash flow, dividend yield, and attractive risk/reward. 4. Hawaiian Holdings (HA) upgraded to Buy from Hold at Deutsche Bank with analyst Michael Linenberg saying he views last night's quarter as strong and sees an improving CASM trend. 5. Target (TGT) upgraded to Accumulate from Hold at Gordon Haskett with analyst Chuck Grom saying geolocation data and proprietary card data support his Q2 4.5% comp. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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