Piper Jaffray Cuts Price Target on Tupperware Brands (TUP) Following a Company Video

Piper Jaffray reiterated an Overweight rating on Tupperware Brands (NYSE: TUP), and cut the price target to $70.00 (from $75.00), following a company video highlighting additional details behind its 2020 plan. In the video, management reiterated its confidence in achieving its 2015 sales growth range (4%-5%) and longer-term range of 6%-8%.

Analyst Stephanie Wissink commented, "Despite the ~15% sell off in TUP shares since mid-July, largely on FX headwinds, we remain attracted to the underlying mid-single digit sales growth and consistent midteens operating profit rates. In a unique outreach approach, the company posted a video to its website highlighting additional details behind its 2020 plan. In the video, management reiterated its confidence in achieving its 2015 sales growth range (4%-5%) and longer-term range of 6%-8%. Gains in sales force size and productivity are key contributors and management emphasized strategies, processes, and pilot tests have resulted in significant improvement in consistency and outcomes in several markets across the world. Leveraging connected technology, the company is modernizing its selling approach. We are tweaking our model for incremental FX impact resulting in a further 6 cent drag to our FY15E estimates as the global basket of currencies has deflated."

For an analyst ratings summary and ratings history on Tupperware Brands click here. For more ratings news on Tupperware Brands click here.

Shares of Tupperware Brands closed at $55.55 yesterday.

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