Ticker: PG
Price target: $134
Implied upside: 9.2%
Morgan Stanley's take:
"When combined with inflecting gross margins, which we expect to be above consensus based on our detailed GM build, we expect higher PG topline/EPS growth than peers, which should drive multiple expansion vs. inline relative valuations levels today," the firm wrote in a note to clients Monday.
Source: Morgan Stanley
Ticker: MCD
Price target: $214
Implied upside: 9.6%
Morgan Stanley's take:
"We believe MCD's Experience of the Future and technology investments are creating competitive moats in its business globally, supporting EPS and FCF growth in FY21 and beyond," Morgan Stanley's analysts wrote on Monday.
Source: Morgan Stanley
Ticker: PM
Price target: $92
Implied upside: 11.4%
Morgan Stanley's take:
"Philip Morris (PM) is our top pick in Tobacco as we think it should generate peer-leading, HSD EPS growth driven by modest global cigarette volume declines, strong pricing due to a rational competitive and accelerating IQOS market share momentum," the firm wrote.
Source: Morgan Stanley
Ticker: LOW
Price target: $130
Implied upside: 12.1%
Morgan Stanley's take:
"The housing backdrop is improving and likely to be a tailwind in 2020 vs. a headwind in 2019, LOW is delivering healthier results and its transformation seems to be working, LOW appears to have greater relative momentum than HD into 2020," Morgan Stanley said.
Source: Morgan Stanley
Ticker: MDLZ
Price target: $60
Implied upside: 13.6%
Morgan Stanley's take:
"We view MDLZ's recent topline acceleration as sustainable, aided by successful strategic changes implemented by management, increased reinvestment, as well as a favorable geographic/category performance," the analysts wrote.
Source: Morgan Stanley
Ticker: KO
Price target: $60
Implied upside: 13.7%
Morgan Stanley's take:
"We see clearly superior topline growth vs. large cap CPG peers, driven by stronger pricing power, strategy changes, ramping innovation, and momentum in emerging markets," Morgan Stanley said.
Source: Morgan Stanley
Ticker: PENN
Price target: $27
Implied upside: 15.63%
Morgan Stanley's take:
"PENN is our top pick in US gaming as it is arguably best positioned to benefit from the recent legalization of US sports betting given its 4 top class online partners and 19 state property footprint," the firm wrote.
Source: Morgan Stanley
Ticker: NKE
Price target: $118
Implied upside: 26.1%
Morgan Stanley's take:
"NKE is in the early innings of transition from a traditional wholesale business to a digitally-driven, direct-to-consumer ("DTC") brand. The business appears positioned to take share in the high-growth, global activewear market as well as increase profitability," the analysts said.
Source: Morgan Stanley
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