DA Davidson Starts Tupperware Brands (TUP) at Buy
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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."
Shares of Tupperware Brands closed at $23.40 yesterday.
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