Berry Plastics (BERY) Gains; Frontrunner to Replace Dunkin' Brands' Foam Cups, Says Goldman
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Goldman Sachs maintained a Conviction Buy rating on Berry Plastics Group (NYSE: BERY) with a price target of $35. Analyst Alex Ovshey said comments from Dunkin’ Brands (Nasdaq: DNKN) CEO increases confidence that Dunkin will adopt Versalite as its foam cup replacement.
"At a competitor conference today (January 12), Dunkin’ Brands Group (DNKN) CEO Nigel Travis again highlighted BERY’s patented Versalite cup as a possible replacement for its iconic foam cup. Mr. Travis referred to the Versalite cup as “our new cup” and noted that DNKN is “excited about” Versalite as they are using the cup in 3 test markets, including California. These incrementally positive comments on Versalite by DNKN come on the heels of last week’s announcement that New York City will officially ban plastic foam containers and cups across the city (see our comment NYC set to ban foam containers; Positive for BERY; reiterate CL-Buy (January 8, 2014)). We view DNKN’s new comments as further evidence that Versalite is the frontrunner in DNKN’s search to replace its foam cups," said Ovshey.
For an analyst ratings summary and ratings history on Berry Plastics Group click here. For more ratings news on Berry Plastics Group click here.
Shares of Berry Plastics Group closed at $32.62 yesterday.
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