UPDATE: BMO Capital Markets Initiates Tupperware at Outerform on Emerging Markets Growth Outlook
BMO Capital Markets initiated coverage on Tupperware (NYSE: TUP) with an Outperform rating and a $90.00 price target.
BMO Capital Markets analyst Connie M. Maneaty commented, "With a dividend yield of 3.3%, we think the 12-month return will be about 21%. Tupperware is a direct seller of high-quality house wares and beauty products in more than 100 countries through a sales force of 2.8 million. It is the most attractive mid-cap emerging markets play in our universe. Tupperware's emerging markets sales, 61% of total, are in countries that account for 86% of the world's population. It is ideally positioned for the explosive 75%-80% growth of the global middle class to 3.2 billion from 1.8 billion that the OECD expects by 2020. We peg its long-term EPS growth at 15% based on local currency sales growth of 6%-8% a year."
Tupperware closed at $76.10 on Tuesday.
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