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Piper Jaffray Downgrades Tupperware Brands (TUP) to Neutral

January 28, 2016 6:53 AM EST
Get Alerts TUP Hot Sheet
Price: $1.34 -3.6%

Rating Summary:
    2 Buy, 8 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Piper Jaffray downgraded Tupperware Brands (NYSE: TUP) from Overweight to Neutral with a price target of $50.00 (from $68.00).

Analyst Stephanie Wissink commented, "We are downgrading shares to Neutral following a disappointing quarter and a realization that growth is being haircut by macro headwinds and persistent FX adjustments. We are conflicted, given what seems like attractive valuation, and our belief in the Tupperware leadership and entrepreneurial platform. But in a jittery trading market where global growth is being discounted, it's hard to argue for a stock with such extreme (63%) emerging market and related currency exposure. Confidence in projected constant currency growth will be limited until we get through a year of more consistent results. We are lowering our estimates and our multiple and see the stock as range bound. Our PT goes to $50 ($68 prior) based on 11x FY17E EPS."

The firm cut FY 2016 EPS from $4.49 to $4.08 and FY 2017 EPS from $5.00 to $4.50.

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 $43.97 yesterday.



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