Jefferies analyst Kevin Grundy lowered his estimates for National Beverage (FIZZ) saying Coca-Cola's (KO) new sparkling water brand "should be a wake-up call." Post PepsiCo's (PEP) successful launch of the bubly brand in 2018, Coca-Cola will be playing catch-up in the fast-growing sparkling water space with its first major brand launch since 2006, Grundy tells investors in a research note. He believes "bigger and bolder decisions" are called for at National Beverage, which he says has been slow to respond with its "once-leading" La Croix brand. Grundy lowered his price target for the shares to $30 from $32 and keeps an Underperform rating on National Beverage.
Unusual total active option classes on open include: Adamis Pharmaceuticals (ADMP), Spotify (SPOT), Harley Davidson (HOG), Lucid Group (LCID), DoorDash (DASH), Guggenheim Global Solar Index (TAN), Coca Cola (KO), SunPower (SPWR), McDonald's (MCD), and Novavax (NVAX).
The company expects to deliver organic revenue (non-GAAP) growth of 13% to 14%. For comparable net revenues (non-GAAP), the company expects a 1% to 2% currency tailwind based on the current rates and including the impact of hedged positions. The company's underlying effective tax rate (non-GAAP) is estimated to be 18.6%. This does not include the impact of the ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail. Given the above considerations, the company expects to deliver comparable EPS (non-GAAP) growth of 15% to 17% versus $1.95 in 2020. Comparable EPS (non-GAAP) percentage growth includes a 2% to 3% currency tailwind based on the current rates and including the impact of hedged positions. The company expects to generate free cash flow (non-GAAP) of approximately $10.5 billion through cash flow from operations of approximately $12.0 billion less capital expenditures of approximately $1.5 billion. This does not include any potential payments related to the ongoing tax litigation with the U.S. Internal Revenue Service.