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Argus Raises Tupperware To Hold On Sales Growth Plan
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Argus Raises Tupperware To Hold On Sales Growth Plan

Argus Research upgraded Tupperware Brands’ stock to Hold from Sell amid expectations that the company’s turnaround plans would drive sales growth. As part of the plan, the company is switching to digital tools to boost sales, while also implementing cost reductions to improve profitability.

Argus analyst Deborah Ciervo believes that Tupperware’s (TUP) turnaround plans will make the company a “leaner, more digitally driven business”. Ciervo is confident that the company’s business-to-business partnerships along with the “successful shift” of its sales force to digital platforms will drive Tupperware’s performance. The analyst also raised her EPS estimate for FY20 to $2.31 from $0.95 and for FY21 to $2.60 from $1.86.

Tupperware reported better-than-expected 2Q sales on July 29, despite the business disruptions tied to the COVID-19 pandemic. It posted revenues of $397.4 million, topping analysts’ expectations of $316 million.

Overall, TUP has a Hold analyst consensus. The average price target of $15 implies upside potential of 5.8% to current levels. (See TUP stock analysis on TipRanks).

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