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UBS Downgrades Molson Coor, Keurig Dr Pepper and Boston Beer as 'Normalization on the Horizon'

By Sam Boughedda UBS analyst Peter Grom, in a note to clients on Tuesday, downgraded Molson Coors (NYSE:TAP), Keurig Dr Pepper (NASDAQ:KDP), and Boston Beer Company (NYSE:SAM) to...
UBS Downgrades Molson Coor, Keurig Dr Pepper and Boston Beer as 'Normalization on the Horizon' © Reuters. UBS Downgrades Molson Coor, Keurig Dr Pepper, and Boston Beer as 'Normalization on the Horizon'

By Sam Boughedda

UBS analyst Peter Grom, in a note to clients on Tuesday, downgraded Molson Coors (NYSE:TAP), Keurig Dr Pepper (NASDAQ:KDP), and Boston Beer Company (NYSE:SAM) to Neutral from Buy, stating that while they believe US beverages will deliver sustainable organic revenue outperformance in the longer-term, they see a normalization on the horizon as reopening catalysts dissipate.

“Our detailed bottom-up framework suggests that growth will become more differentiated across the group looking ahead and with Bevs having outperformed HPC by roughly 15% YTD and trading at a ~20% premium (vs. 5-yr avg. of +13%), we think investors should become selective within the group,” said Grom. “Our analysis suggests that KO, PEP, STZ, and CELH will see continue to see higher levels of organic revenue growth vs. peers and as such offer compelling risk/reward. We are moving to the sidelines on TAP, SAM, and KDP as we expect growth to moderate looking ahead.”

The analyst added that growth will be more differentiated across beverages beyond 2022.

“The degree to which on-premise occasions have returned to pre-pandemic levels varies by company, but our channel/category analysis suggests that most of this catch-up will be complete by the end of CY22, and we expect investors will focus on companies that can deliver outsized organic revenue growth LT,” added Grom.

“The return of on-premise has led to outsized growth for TAP, and while we believe in the company's LT strategy, we think moderating growth in '23E will make it difficult for the stock to re-rate. For SAM, we believe weaker-than-expected hard seltzer growth could drive downside to Street estimates. Finally, we view the KDP risk/reward as balanced at current levels and would wait for a more attractive entry point.”

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02-07-2022 23:26:57 (UTC+7)

EUR/USD

1.0429

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EUR/USD

1.0429

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GBP/USD

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USD/JPY

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AUD/USD

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USD/CAD

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EUR/JPY

140.98

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EUR/CHF

1.0007

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Crude Oil WTI Futures

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US Coffee C Futures

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Euro Stoxx 50

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DAX

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7,168.65

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21,859.79

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IBEX 35

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41.270

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Bayer AG NA

57.35

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182.00

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Adidas AG

167.64

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Deutsche Lufthansa AG

5.566

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Siemens AG Class N

96.00

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8.053

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 EUR/USD1.0429Neutral
 GBP/USD1.2098↑ Buy
 USD/JPY135.21↑ Sell
 AUD/USD0.6816↑ Sell
 USD/CAD1.2888Buy
 EUR/JPY140.98Neutral
 EUR/CHF1.0007↑ Sell
 Gold1,812.90↑ Buy
 Silver19.823↑ Buy
 Copper3.6138Neutral
 Crude Oil WTI108.46↑ Sell
 Brent Oil111.48↑ Sell
 Natural Gas5.620↑ Sell
 US Coffee C223.95↑ Sell
 Euro Stoxx 503,448.31↑ Buy
 S&P 5003,825.33↑ Buy
 DAX12,813.03Buy
 FTSE 1007,168.65↑ Buy
 Hang Seng21,859.79Sell
 Small Cap 20001,727.76↑ Buy
 IBEX 358,176.10↑ Buy
 BASF41.270↑ Buy
 Bayer57.35↑ Buy
 Allianz182.00↑ Sell
 Adidas167.64↑ Sell
 Lufthansa5.566↑ Sell
 Siemens AG96.00↑ Buy
 Deutsche Bank AG8.053↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,800/ 6,860
(0/ 0) # 1,805
SJC HCM6,820/ 6,880
(5/ 5) # 1,766
SJC Hanoi6,820/ 6,882
(5/ 5) # 1,768
SJC Danang6,820/ 6,882
(5/ 5) # 1,768
SJC Nhatrang6,820/ 6,882
(5/ 5) # 1,768
SJC Cantho6,820/ 6,882
(5/ 5) # 1,768
Cập nhật 02-07-2022 23:27:00
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RON 95-V33.36034.020
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E5 RON 92-II30.89031.500
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.130,0023.440,00
EUR23.737,7925.045,79
GBP27.507,8628.656,57
JPY167,24176,91
KRW15,5418,92
Cập nhật lúc 18:49:42 02/07/2022
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