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PEP

PepsiCo

$127.05

4.55 (3.71%)

06:09
04/18/19
04/18
06:09
04/18/19
06:09

PepsiCo upgraded to Neutral at Goldman Sachs after 'strong Q1'

As previously reported, Goldman Sachs analyst Judy Hong upgraded PepsiCo to Neutral and raised her price target to $132 from $111 after its "strong" Q1 results that saw organic revenue accelerate to 5% and gross margins top expectations. The analyst also notes that her visit to the company's headquarters and meetings with its CEO Laguarta and CFO Johnson added to her confidence about the continued momentum of PepsiCo's snack business. Hong believes that the company should have an "ample cushion" toward its FY19 EPS outlook.

  • 01

    May

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    May

  • 18

    May

PEP PepsiCo
$127.05

4.55 (3.71%)

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.
03/11/19
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.
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.
04/18/19
GSCO
04/18/19
UPGRADE
GSCO
Neutral
PepsiCo upgraded to Neutral from Sell at Goldman Sachs

TODAY'S FREE FLY STORIES

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UMRX

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MGTA

Magenta Therapeutics

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AUTL

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SGEN

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CRTX

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MNK

Mallinckrodt

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STOK

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APTO

Aptose Biosciences

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EPZM

Epizyme

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PRNB

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FATE

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KPTI

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SRRA

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SGMO

Sangamo

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VSTM

Verastem

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  • 07

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RHHBY

Roche

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(0.00%)

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XENE

Xenon Pharmaceuticals

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0.03 (0.22%)

, BMRN

BioMarin

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