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《j.p. 摩根-美股-食品行業(yè)-美國(guó)食品制造商：調(diào)整12家公司的估值和目標(biāo)股價(jià)》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在行業(yè)資料-天天文庫(kù)。
1、Completed12Dec201704:00AMESTDisseminated12Dec201704:02AMESTNorthAmericaEquityResearch12December2017USFoodProducersTweakingEstimatesandPriceTargetsfor12CompaniesFollowingreviewsofourmodels,weareamendingourEPSestimatesandFoodProducersandRetailersDecember2018pri
2、cetargetsforanumberofourpackagedfoodcompanies.ACKenGoldmanDetailsarebelow;notethatourpricetargetsarerisingmostlytoreflectrecent(1-212)622-0359multipleexpansionacrosspackagedfood.ken.goldman@jpmorgan.comBloombergJPMAGOLDMAN?BlueBuffalo(BUFF-Neutral).Weareb
3、oostingoursalesestimatesfor2018-19Etoaccountforthepotentialfore-commercetoperformbetter.Overall,weJoshuaALevine(1-212)6226217thinkthatsalesviaPetSmart–BUFF’slargestcustomer–maycontinuetojoshua.a.levine@jpmorgan.comdisappoint.ThomasPalmer,CFA?Conagra(CAG–Overw
4、eight).Wearemakingminoreditstoourmodel.(1-212)622-5582CAGremainsoneofourtoppicks,withthepotentialforupsidesurprisesfromthomas.palmer@jpmorgan.comthetopline,margins,andM&A.J.P.MorganSecuritiesLLC?DeanFoods(DF–Neutral).Weareraisingourestimatesbecauseofrecentlyl
5、owerdairyfutures.WeremainNeutralbutcanseeapathtoEPSbeatsin2018andbeyondshouldthefuturescurvesforClassIIIandClassIVmilkproveaccurate.?GeneralMills(GIS–Neutral).Wearetweakingfiscal2Qdowntobetterreflectthecompany’srecentmarginguidance.WeremainNeutralaswethinksom
6、eoftherecentrevenueperformancehasbeenpaidforwithmargins.?HainCelestial(HAIN–Neutral).Wearetrimmingourestimatestoreflectcontinuedweaknessinmeasuredchannels.OverallwearecomfortablewithourNeutralrating,aswecontinuetothinksomeinvestorsareoverstatingthelikelyvalue
7、creationpotentialfromabreakup.?Hershey(HSY-Neutral).For2018-19E,weareraisingourestimateforthetaxrate(weassumeitrevertsclosertothehistoricalnorm,excludinganyfuturebenefitsfromcorporatetaxlawchanges).Wearealsotrimmingourgrossmarginoutlookforbothyears,thankstoth
8、epotentialforpriceandsupplychaininvestments.LastlywearereducingourexpectationforSG&A;weexpectthecompany’smarketingtobeflexiblewithvolumes.WeremainNeutral.EquityRatingsandPriceTargetsMktCa
