Consumer Staples

Procter & Gamble’s Fundamentals to Stand Out Across Peer Group, UBS Says

/ / Consumer Staples /

Procter & Gamble’s (PG) fundamental performance will stand out across its peer group as the manufacturer of consumer goods gears up to report its earnings this coming Wednesday, analysts at UBS said in a note issued Monday. Since outlining its initial guidance for fiscal 2024, which includes 3% to 4% in all-in sales growth and $6.25 to $6.43 in earnings per share, the Cincinnati, Ohio-based company has faced headwinds in the form of unfavorable foreign exchange rates, rising oil costs, and lower-than-expected recovery in China. Still, pressure from these headwinds is expected to be more than offset by underlying performance in both the US and Europe, analysts said. UBS’s price target on the company’s stock remains unchanged at $168 per share with a Buy rating.

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CFRA Keeps Sell Opinion On Shares Of General Mills, Inc.

/ / Consumer Staples /

We keep our 12-month target at $60, 13.6x our FY 24 (May) EPS of $4.42 (cut from $4.44; FY 25 up to $4.58 from $4.54) vs. the 17x historical average and the 13x current peer average. FQ1 (Aug-Q) adj-EPS of $1.09 (-1% Y/Y) beat by a penny on sales of $4,905M (+4% Y/Y), in line with consensus. While organic sales grew 4%, organic volumes were down about 2%. The Pet segment (12% of annual sales), which has historically been GIS’s fastest-growing segment, is currently facing softness as pet parents trade down and rationalize, which includes buying less wet pet food and pet snacks. The North America Retail segment (63% of annual sales) is also facing headwinds, including less benefits from inflation-driven pricing and expanding price elasticities. GIS increased media spending by a double-digit percentage, resulting in operating margins falling nearly 40 bps Y/Y to 18.3%. While GIS reiterated its full-year

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PepsiCo Likely to See Price-Led Revenue Growth in 2024 Following Q3 Earnings Beat, Wedbush Says

/ / Consumer Staples /

PepsiCo (PEP) is expected to see another year of price-led revenue growth in 2024 after delivering an earnings beat amid a challenged market backdrop in Q3 of 2023, Wedbush said in a note to clients Wednesday. The investment firm kept its outperform rating and $195 price target on the company. The beverage company issued a preliminary outlook for 2024, implying a revenue growth of 5% and per-share earnings growth of 8%, according to the note. “While expectations were for volume to become a more meaningful contributor to topline growth as trends normalize, a move towards portion control and smaller pack sizes will likely result in another year of price-led revenue growth,” Wedbush analysts said. Wedbush adjusted its 2023 estimates to EPS of $7.54 from $7.47 and to revenue of $91.68 billion from $91.81 billion. For 2024, it raised its forecast to EPS of $8.08 from $7.96 and to revenue of

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PepsiCo’s Fiscal Q3 Core Earnings, Revenue Increase; Raises Fiscal 2023 Core Earnings Guidance

/ / Consumer Staples /

PepsiCo (PEP) reported fiscal Q3 core earnings Tuesday of $2.25 per diluted share, up from $1.97 a year earlier. Analysts polled by Capital IQ expected $2.15. Net revenue for the quarter ended Sept. 9 was $23.45 billion, up from $21.97 billion a year earlier. Analysts surveyed by Capital IQ expected $23.41 billion. The company said it now expects fiscal 2023 core EPS of $7.54, up from its prior guidance of $7.47. Analysts surveyed by Capital IQ are looking for $7.48. Organic revenue for the fiscal year is still projected to grow 10%, the company said. Additionally, the company said it expects to deliver results in fiscal 2024 that are near the upper end of its long-term target ranges for organic revenue and core constant currency EPS growth. The company also said that its long-term target ranges for organic revenue growth, which is expected to be 4% to 6%, and core

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