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PEP

PepsiCo

$122.50

-1.14 (-0.92%)

06:15
04/17/19
04/17
06:15
04/17/19
06:15

PepsiCo sees FY19 core EPS $5.50, consensus $5.51

Consistent with its previous guidance for 2019, the company continues to expect: Full-year organic revenue growth to be 4%. A core effective tax rate of approximately 21%. A decline in core constant currency EPS of approximately 1%, which incorporates lapping a number of 2018 strategic asset-sale and refranchising gains, the expected increased core effective tax rate, and expected 2019 incremental investments to strengthen the business. Approximately $9B in cash from operating activities and free cash flow of approximately $5B, which assumes net capital spending of approximately $4.5B. Total cash returns to shareholders of approximately $8B, comprised of dividends of approximately $5B and share repurchases of approximately $3B. Applying current market consensus rates implies a 2-percentage-point foreign exchange translation headwind to both reported net revenue and EPS performance. This assumption and the guidance above implies 2019 core earnings per share of $5.50, a 3% decrease compared to 2018 core earnings per share of $5.66.

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PEP PepsiCo
$122.50

-1.14 (-0.92%)

04/11/19
MSCO
04/11/19
DOWNGRADE
Target $24
MSCO
Underweight
Morgan Stanley downgrades Keurig Dr Pepper to Underweight on coffee risk
As previously reported, Morgan Stanley analyst Dara Mohsenian downgraded Keurig Dr Pepper to Underweight from Equal Weight as he sees a negative risk-reward despite a "well telegraphed" Q1 earnings beat on strong pricing at heritage Dr. Pepper Snapple. Based on the firm's recent AlphaWise survey, the analyst sees risk to coffee growth, noting that his forecast of around 1.5% is below the market-implied 4% long-term coffee topline growth, which is a key driver of his EPS forecast by 2021 being 5% below consensus. Additionally, Keurig Dr Pepper shares trade at a premium to the average of beverage peers Coca-Cola (KO) and PepsiCo (PEP) despite lower expected long-term topline growth, Mohsenian noted. He cut his price target on Keurig Dr Pepper shares to $24 from $27.
03/11/19
STFL
03/11/19
NO CHANGE
Target $67
STFL
Buy
Hypothetical Bang sale more negative than positive for Monster, says Stifel
Stifel analyst Mark Astrachan examined the hypothetical impact on Monster Beverage (MNST) should a larger beverages competitor acquire Bang, though he noted he has no knowledge of M&A negotiations or discussions with the energy drink competitor. He ultimately concluded a potential acquisition of Bang would be more negative than positive for Monster, though he also noted that risks of an acquisition include potential disruption of Bang's recent momentum, especially if it were to be acquired by PepsiCo (PEP) and transition distribution most likely in-house from the AB InBev (BUD) system. Additionally, a theoretical Bang deal could accelerate a decision by Coca-Cola (KO) regarding acquiring, or not, the remaining shares in Monster it does not currently own, said Astrachan, who keeps a Buy rating and $67 price target on Monster Beverage shares.
03/07/19
03/07/19
INITIATION

Fly Intel: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Five Below (FIVE) initiated with an Outperform at Oppenheimer. 2. Teva (TEVA) reinstated with a Buy at UBS. 3. Chiasma (CHMA) initiated with an Overweight at Cantor Fitzgerald. 4. Monster Beverage (MNST) and Constellation Brands (STZ) were initiated with an Outperform at Credit Suisse, while Procter & Gamble (PG), Coca-Cola (KO), and Church & Dwight (CHD) were initiated with a Neutral, and PepsiCo (PEP), Colgate-Palmolive (CL), and Clorox (CLX) initiated with an Underperform at Credit Suisse. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/07/19
FBCO
03/07/19
INITIATION
FBCO
Credit Suisse starts Household Products & Beverages with Constellation top pick
Credit Suisse analyst Kaumil Gajrawala rolled out coverage last night on eight names in the Household Products & Beverages space. The analyst's ratings consist of three Outperforms, two Underperforms, and three Neutrals. His top pick is Constellation Brands (STZ), which he started with an Outperform rating and $230 price target. The company offers "predictable" high-single digit revenue growth with a valuation that is "well below slower growth peers," Gajrawala tells investors in a research note. His other Outperform ratings are on Monster Beverage (MNST) and Clorox (CLX). The analyst has a $78 price target on Monster, noting it is the fastest growing company in his coverage "with runway for continued growth." He has a $172 price target on Clorox saying the company's "unique" portfolio position justifies a premium valuation. Gajrawala's Neutral rated names are Church & Dwight (CHD), Procter & Gamble (PG) and Coca-Cola (KO). His two Underperforms are PepsiCo (PEP) and Colgate-Palmolive (CL). PepsiCo has a $100 price target as the analyst sees limited upside amid the company's "stepped-up" investment years. Colgate-Palmolive, Gajrawala's less favorite name, has a $55 price target. The company's out-year margins are at risk as it reinvests to address several years of slowing growth and sales declines, Gajrawala contends.

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HESM

Hess Midstream Partners

$22.89

0.09 (0.39%)

08:11
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08:11
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Hess Midstream reaffirms FY19 consolidated adjusted EBITDA view $550M-$575M »

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MSFT

Microsoft

$125.00

-0.5 (-0.40%)

, AMZN

Amazon.com

$1,900.72

-23.36 (-1.21%)

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Recommendations
Microsoft, Amazon.com analyst commentary at Wedbush »

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MSFT

Microsoft

$125.00

-0.5 (-0.40%)

AMZN

Amazon.com

$1,900.72

-23.36 (-1.21%)

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HESM

Hess Midstream Partners

$22.89

0.09 (0.39%)

08:10
04/25/19
04/25
08:10
04/25/19
08:10
Earnings
Hess Midstream Partners reports Q1 EPS 32c, consensus 33c »

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FRME

First Merchants

$38.41

-0.05 (-0.13%)

08:10
04/25/19
04/25
08:10
04/25/19
08:10
Earnings
First Merchants reports Q1 EPS 78c, consensus 79c »

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TSCO

Tractor Supply

$104.09

0.88 (0.85%)

08:08
04/25/19
04/25
08:08
04/25/19
08:08
Earnings
Tractor Supply backs FY19 EPS view $4.60-$4.75, consensus $4.64 »

Backs FY19 revenue view…

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GILD

Gilead

$62.82

-0.19 (-0.30%)

08:08
04/25/19
04/25
08:08
04/25/19
08:08
Hot Stocks
Gilead says selonsertib Phase 3 STELLAR-3 Study did not meet primary endpoint »

Gilead Sciences announced…

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NOW

ServiceNow

$242.41

-1.085 (-0.45%)

08:08
04/25/19
04/25
08:08
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08:08
Recommendations
ServiceNow analyst commentary  »

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ITW

Illinois Tool Works

$156.78

-1.14 (-0.72%)

08:07
04/25/19
04/25
08:07
04/25/19
08:07
Earnings
Illinois Tool Works backs FY19 EPS view $7.90-$8.20, consensus $7.94 »

Organic revenue growth is…

03/08/13
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TSCO

Tractor Supply

$104.09

0.88 (0.85%)

08:06
04/25/19
04/25
08:06
04/25/19
08:06
Earnings
Tractor Supply reports Q1 EPS 63c, consensus 55c »

Reports Q1 revenue…

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OKE

Oneok

$70.04

0.19 (0.27%)

08:06
04/25/19
04/25
08:06
04/25/19
08:06
Hot Stocks
Oneok investing $100M for construction of Bakken NGL pipeline extension »

Oneok plans to invest…

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FND

Floor & Decor

$48.05

0.69 (1.46%)

08:06
04/25/19
04/25
08:06
04/25/19
08:06
Recommendations
Floor & Decor analyst commentary at Wedbush »

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08:06
04/25/19
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08:06
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08:06
Conference/Events
FDA Anti-Microbial Drugs Advisory Committee to hold a meeting »

The Committee discusses…

FCX

Freeport McMoRan

$13.57

0.115 (0.85%)

08:06
04/25/19
04/25
08:06
04/25/19
08:06
Hot Stocks
Freeport McMoRan sees FY19 copper sales of approx. 3.3B pounds »

Consolidated sales for…

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  • 25

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TWST

Twist Bioscience

$33.41

0.41 (1.24%)

08:06
04/25/19
04/25
08:06
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08:06
Hot Stocks
Twist Bioscience announces synthetic DNA biosecurity publication in Frontiers »

Twist Bioscience…

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CRS

Carpenter Technology

$50.49

-0.22 (-0.43%)

08:05
04/25/19
04/25
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08:05
Earnings
Carpenter Technology reports Q3 EPS $1.05 including benefit, consensus 83c »

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  • 25

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HFWA

Heritage Financial

$31.37

0.38 (1.23%)

08:05
04/25/19
04/25
08:05
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08:05
Earnings
Heritage Financial reports Q1 EPS 45c, consensus 49c »

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08:05
04/25/19
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General news
U.S. durable goods preview: »

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General news
Oil Action: WTI crude »

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08:05
04/25/19
04/25
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General news
U.S equities are mixed »

U.S equities are mixed in…

FCX

Freeport McMoRan

$13.57

0.115 (0.85%)

08:05
04/25/19
04/25
08:05
04/25/19
08:05
Earnings
Freeport McMoRan reports Q1 adjusted EPS 5c, consensus 8c »

Reports Q1 revenue…

03/08/13
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03/08/13
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03/06/13
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  • 25

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ITW

Illinois Tool Works

$156.78

-1.14 (-0.72%)

08:04
04/25/19
04/25
08:04
04/25/19
08:04
Earnings
Illinois Tool Works reports Q1 EPS $1.81, consensus $1.81 »

Reports Q1 revenue…

03/08/13
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CAT

Caterpillar

$137.68

-4.4 (-3.10%)

08:04
04/25/19
04/25
08:04
04/25/19
08:04
Recommendations
Caterpillar analyst commentary at Argus »

Caterpillar's recent…

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  • 12

    Jun

DVA

DaVita

$54.03

1.01 (1.90%)

08:03
04/25/19
04/25
08:03
04/25/19
08:03
Hot Stocks
DaVita contracts with Longroad Energy on two virtual power purchase agreements »

By 2022, DaVita expects…

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CMG

Chipotle

$710.00

7.61 (1.08%)

08:03
04/25/19
04/25
08:03
04/25/19
08:03
Recommendations
Chipotle analyst commentary at Wedbush »

Chipotle price target…

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FTDR

Frontdoor

$34.32

0.63 (1.87%)

08:03
04/25/19
04/25
08:03
04/25/19
08:03
Initiation
Frontdoor initiated at Raymond James »

Frontdoor initiated with…

03/08/13
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03/08/13
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03/06/13
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