Guggenheim analyst Laurent Grandet said he expects National Beverage's (FIZZ) LaCroix brand to likely lose shelf space and market share to Coca-Cola's (KO) upcoming "AHA" brand of flavored sparkling waters, which are launching in March 2020, and he lowered his EPS estimates in FY21 and FY22 accordingly. He continues to think LaCroix will not stabilize until at least next year, given increased competition and what he sees as a lack of meaningful innovation, and Grandet keeps a Sell rating on shares of parent National Beverage, trimming his price target on the stock to $31 from $32.
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.