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《j.p. 摩根-美股-食品行業(yè)-美國食品制造商：調(diào)整12家公司的估值和目標(biāo)股價》由會員上傳分享，免費在線閱讀，更多相關(guān)內(nèi)容在行業(yè)資料-天天文庫。
1、Completed12Dec201704:00AMESTDisseminated12Dec201704:02AMESTNorthAmericaEquityResearch12December2017USFoodProducersTweakingEstimatesandPriceTargetsfor12CompaniesFollowingreviewsofourmodels,weareamendingourEPSestimatesandFoodProducersandRetailersDecember2018pricetargetsforanumberofourp
2、ackagedfoodcompanies.ACKenGoldmanDetailsarebelow;notethatourpricetargetsarerisingmostlytoreflectrecent(1-212)622-0359multipleexpansionacrosspackagedfood.ken.goldman@jpmorgan.comBloombergJPMAGOLDMAN?BlueBuffalo(BUFF-Neutral).Weareboostingoursalesestimatesfor2018-19Etoaccountforthe
3、potentialfore-commercetoperformbetter.Overall,weJoshuaALevine(1-212)6226217thinkthatsalesviaPetSmart–BUFF’slargestcustomer–maycontinuetojoshua.a.levine@jpmorgan.comdisappoint.ThomasPalmer,CFA?Conagra(CAG–Overweight).Wearemakingminoreditstoourmodel.(1-212)622-5582CAGremainsoneofourtop
4、picks,withthepotentialforupsidesurprisesfromthomas.palmer@jpmorgan.comthetopline,margins,andM&A.J.P.MorganSecuritiesLLC?DeanFoods(DF–Neutral).Weareraisingourestimatesbecauseofrecentlylowerdairyfutures.WeremainNeutralbutcanseeapathtoEPSbeatsin2018andbeyondshouldthefuturescurvesforClas
5、sIIIandClassIVmilkproveaccurate.?GeneralMills(GIS–Neutral).Wearetweakingfiscal2Qdowntobetterreflectthecompany’srecentmarginguidance.WeremainNeutralaswethinksomeoftherecentrevenueperformancehasbeenpaidforwithmargins.?HainCelestial(HAIN–Neutral).Wearetrimmingourestimatestoreflectcontin
6、uedweaknessinmeasuredchannels.OverallwearecomfortablewithourNeutralrating,aswecontinuetothinksomeinvestorsareoverstatingthelikelyvaluecreationpotentialfromabreakup.?Hershey(HSY-Neutral).For2018-19E,weareraisingourestimateforthetaxrate(weassumeitrevertsclosertothehistoricalnorm,exclud
7、inganyfuturebenefitsfromcorporatetaxlawchanges).Wearealsotrimmingourgrossmarginoutlookforbothyears,thankstothepotentialforpriceandsupplychaininvestments.LastlywearereducingourexpectationforSG&A;weexpectthecompany’smarketingtobeflexiblewithvolumes.WeremainNeutral.EquityRatingsandPrice
8、TargetsMktCa
