DA Davidson Starts Tupperware Brands (TUP) at Buy

September 14, 2020 4:41 PM EDT
Get Alerts TUP Hot Sheet
Price: $23.51 -3.37%

Rating Summary:
    4 Buy, 8 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 13 | New: 72
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(Updated - September 14, 2020 4:51 PM EDT)

(updated to add analyst comments)

DA Davidson analyst Linda Bolton Weiser initiates coverage on Tupperware Brands (NYSE: TUP) with a Buy rating and a price target of $30.00.

The analyst commented, "We are initiating coverage of TUP with a BUY rating and $30 PT, based on 7.5x 2022E EBITDA of $317M or 11.0x 2022E EPS of $2.74. The business pivoted under new management in 2Q20, with flat organic sales (ex. COVID) after three quarters of double-digit declines, as sales reps adopted digital tools. Operating cash flow more than doubled and the stock surged 68%. In discussions with bondholders, TUP disclosed projections for 7% revenue and 41% EBITDA growth in 2021. Catalysts in the coming months include: (1) more bond repurchases; (2) land sales; (3) sales of the non-core beauty businesses; and (4) unveiling of the new growth strategy."

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 $23.40 yesterday.


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