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UBS analyst Stephen Powers cut estimates for PepsiCo, Inc. (NYSE: PEP), Constellation Brands, Inc. (NYSE: STZ), The Coca-Cola Co (NYSE: KO) and Dr Pepper Snapple Group Inc. (NYSE: DPS) ahead of second quarter results on weaker developed markets.
"Near-term, we expect decelerated U.S. demand, driven by adverse spring weather trends. In Europe, we anticipate a softer pricing environment, driven by markets such as Germany, Italy, and France," Powers wrote in a note.
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Despite these challenges, the analyst doesn't expect competitive conditions to intensify to an excessive degree, though noted that "we may see the sector partially spend back recent commodity benefits near-term to regain momentum."
Long-term, the analyst said the industry continues to trend in a generally healthy direction.
For Pepsi, Powers cut the price target to $113 from $114 lowered his FY16 organic growth estimate to +3.5 percent from +4.1 percent and EPS estimate to $4.78 from $4.82 prior). The analyst also trimmed his second quarter organic growth view to +3 percent from +4 percent, and EPS falls from $1.31 to $1.29.
For Constellation Brands, the analyst trimmed his price target to $164 from $173 as it signs of slowing growth most recently.
The analyst slashed FY17 organic growth estimate to +7.6 percent from +8.7 percent. He also cut EPS view to $6.30 (vs. $6.36 prior)—within STZ's $6.05-6.35 guidance range.
Further, Powers also lowered price targets for Coca-Cola by $1 to $50 and Dr Pepper Snapple also by $1 to $93. For Coca-Cola, the analyst now models +3.6 percent 2016 organic growth (vs. +3.7 percent prior), and $1.95 EPS (vs. $1.96 prior). Powers also slashed 2016 DPS organic growth to +3.3 percent from +3.5 percent and EPS view to $4.36 from $4.39.
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.