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Shares of Dr Pepper Snapple (NYSE: DPS) are down Wednesday morning after BTIG initiated the company with a sell rating and $50 price target (19.8 percent downside).
Analyst Theo Brito writes, “Despite whitespace for both Dr Pepper and Snapple, DPS is not gaining distribution. We believe this is at least partially due to DPS’ reliance on Coke and Pepsi for distribution. The TEN platform, for example, is not included in DPS’ agreement with KO/PEP.”
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Related: Jefferies Initiates Coverage Across The Beverage Sector
Brito is also bearish on the possibility of international explanation, saying it can only come from Snapple. Further, “Western brands have historically had difficulties gaining a foothold, particularly in China.”
The $50 price target was derived with a 12.5 times full year EBIT. This is higher than the historical average of 11 because of short term margin benefits.
Shares of Dr pepper Snapple were last down 0.65 percent to $59.83.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.