According to Contreras, Kraft Heinz represents an "attractive long-term story" given its industry-leading margin profile, a "solid" market share positioning across its portfolio while delivering "impressive" EBIT growth.
Contreras did acknowledge he was previously "cautious" of the company when it reorganized its structure with 3G Capital. Nevertheless, the company's results thus far and the sheer number of peers looking to emulate its overall strategy serves as a "clear" sign that the company is "doing something right."
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Looking forward, Contreras believes Kraft Heinz can exceed its cost savings target and generate $1.2 billion in savings, representing 80 percent of its target, in 2016 alone. The analyst added that the bulk of the company's manufacturing footprint efficiencies aren't even expected to come online until the bottom half of 2016 and 2017.
Kraft Heinz will also simultaneously benefit from a favorable input cost environment.
Meanwhile, the company is investing in innovation with a focus on building out long-term brand as opposed to just driving growth through cost cutting methods.
Contreras' $103 price target is based on applying a 26x multiple to his 2017 earnings per share estimate of $3.95.
At time of writing, Kraft Heinz was up 3.72 percent on the day trading at $88.72.
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