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UBS Downgrades Molson Coor, Keurig Dr Pepper and Boston Beer as 'Normalization on the Horizon'

By Sam Boughedda UBS analyst Peter Grom, in a note to clients on Tuesday, downgraded Molson Coors (NYSE:TAP), Keurig Dr Pepper (NASDAQ:KDP), and Boston Beer Company (NYSE:SAM) to...
UBS Downgrades Molson Coor, Keurig Dr Pepper and Boston Beer as 'Normalization on the Horizon' © Reuters. UBS Downgrades Molson Coor, Keurig Dr Pepper, and Boston Beer as 'Normalization on the Horizon'

By Sam Boughedda

UBS analyst Peter Grom, in a note to clients on Tuesday, downgraded Molson Coors (NYSE:TAP), Keurig Dr Pepper (NASDAQ:KDP), and Boston Beer Company (NYSE:SAM) to Neutral from Buy, stating that while they believe US beverages will deliver sustainable organic revenue outperformance in the longer-term, they see a normalization on the horizon as reopening catalysts dissipate.

“Our detailed bottom-up framework suggests that growth will become more differentiated across the group looking ahead and with Bevs having outperformed HPC by roughly 15% YTD and trading at a ~20% premium (vs. 5-yr avg. of +13%), we think investors should become selective within the group,” said Grom. “Our analysis suggests that KO, PEP, STZ, and CELH will see continue to see higher levels of organic revenue growth vs. peers and as such offer compelling risk/reward. We are moving to the sidelines on TAP, SAM, and KDP as we expect growth to moderate looking ahead.”

The analyst added that growth will be more differentiated across beverages beyond 2022.

“The degree to which on-premise occasions have returned to pre-pandemic levels varies by company, but our channel/category analysis suggests that most of this catch-up will be complete by the end of CY22, and we expect investors will focus on companies that can deliver outsized organic revenue growth LT,” added Grom.

“The return of on-premise has led to outsized growth for TAP, and while we believe in the company's LT strategy, we think moderating growth in '23E will make it difficult for the stock to re-rate. For SAM, we believe weaker-than-expected hard seltzer growth could drive downside to Street estimates. Finally, we view the KDP risk/reward as balanced at current levels and would wait for a more attractive entry point.”

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30-06-2022 05:44:45 (UTC+7)

EUR/USD

1.0445

+0.0006 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/USD

1.0445

+0.0006 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

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GBP/USD

1.2124

-0.0001 (-0.01%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

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Buy (2)

Sell (4)

USD/JPY

136.57

-0.01 (-0.01%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

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Buy (4)

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AUD/USD

0.6880

-0.0001 (-0.01%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (0)

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USD/CAD

1.2893

+0.0002 (+0.02%)

Summary

Neutral

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Buy (5)

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EUR/JPY

142.64

+0.06 (+0.04%)

Summary

↑ Buy

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Buy (7)

Sell (1)

EUR/CHF

0.9974

+0.0003 (+0.04%)

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↑ Buy

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Gold Futures

1,818.90

+1.40 (+0.08%)

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↑ Sell

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Buy (2)

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Sell (5)

Silver Futures

20.733

-0.139 (-0.67%)

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↑ Sell

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Copper Futures

3.7763

+0.0046 (+0.12%)

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Sell

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Crude Oil WTI Futures

109.60

+0.07 (+0.06%)

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Brent Oil Futures

112.25

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↑ Buy

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Natural Gas Futures

6.439

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US Coffee C Futures

228.05

+10.30 (+4.73%)

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↑ Sell

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Euro Stoxx 50

3,514.32

-34.97 (-0.99%)

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Neutral

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S&P 500

3,818.83

-2.72 (-0.07%)

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↑ Buy

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DAX

13,003.35

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FTSE 100

7,312.32

-11.09 (-0.15%)

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Sell

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Hang Seng

21,996.89

-422.08 (-1.88%)

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Neutral

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US Small Cap 2000

1,713.32

-25.52 (-1.47%)

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Neutral

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IBEX 35

8,188.00

-129.50 (-1.56%)

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↑ Buy

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Buy (8)

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BASF SE NA O.N.

41.580

-1.445 (-3.36%)

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↑ Sell

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Sell (8)

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Bayer AG NA

57.62

-2.61 (-4.33%)

Summary

Neutral

Moving Avg:

Buy (5)

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Buy (8)

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Allianz SE VNA O.N.

183.72

+0.62 (+0.34%)

Summary

Buy

Moving Avg:

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Adidas AG

170.02

-0.30 (-0.18%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (9)

Deutsche Lufthansa AG

5.813

-0.222 (-3.68%)

Summary

↑ Buy

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Buy (12)

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Buy (7)

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Siemens AG Class N

101.40

-2.74 (-2.63%)

Summary

↑ Sell

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Sell (12)

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Deutsche Bank AG

8.571

-0.292 (-3.29%)

Summary

Neutral

Moving Avg:

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Sell (12)

Indicators:

Buy (5)

Sell (3)

 EUR/USD1.0445↑ Buy
 GBP/USD1.2124Neutral
 USD/JPY136.57Neutral
 AUD/USD0.6880Neutral
 USD/CAD1.2893Neutral
 EUR/JPY142.64↑ Buy
 EUR/CHF0.9974↑ Buy
 Gold1,818.90↑ Sell
 Silver20.733↑ Sell
 Copper3.7763Sell
 Crude Oil WTI109.60↑ Sell
 Brent Oil112.25↑ Buy
 Natural Gas6.439↑ Buy
 US Coffee C228.05↑ Sell
 Euro Stoxx 503,514.32Neutral
 S&P 5003,818.83↑ Buy
 DAX13,003.35↑ Sell
 FTSE 1007,312.32Sell
 Hang Seng21,996.89Neutral
 Small Cap 20001,713.32Neutral
 IBEX 358,188.00↑ Buy
 BASF41.580↑ Sell
 Bayer57.62Neutral
 Allianz183.72Buy
 Adidas170.02↑ Sell
 Lufthansa5.813↑ Buy
 Siemens AG101.40↑ Sell
 Deutsche Bank AG8.571Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,805/ 6,865
(0/ 0) # 1,727
SJC HCM6,820/ 6,890
(0/ 0) # 1,751
SJC Hanoi6,820/ 6,892
(0/ 0) # 1,753
SJC Danang6,820/ 6,892
(0/ 0) # 1,753
SJC Nhatrang6,820/ 6,892
(0/ 0) # 1,753
SJC Cantho6,820/ 6,892
(0/ 0) # 1,753
Cập nhật 30-06-2022 05:44:47
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ↀ Giá vàng thế giới
$1,817.47-1.04-0.06%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V33.47034.130
RON 95-III32.87033.520
E5 RON 92-II31.30031.920
DO 0.05S30.01030.610
DO 0,001S-V30.81031.420
Dầu hỏa 2-K28.78029.350
ↂ Giá dầu thô thế giới
WTI$109.59+4.023.67%
Brent$115.68+4.33.72%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.070,0023.380,00
EUR23.788,7225.121,19
GBP27.597,2728.774,53
JPY166,01175,75
KRW15,4718,85
Cập nhật lúc 18:53:49 29/06/2022
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