Underperformers last week
On July 9, the Kroger Company (KR) announced a $17 million investment in its distribution center on Mount Zion Road in Florence, Kentucky. The distribution center is located in Boone County. This investment is expected to create 250 full-time new jobs by ramping up production.
The company also announced its new brand, Dip, which was developed in partnership with fashion designer Joe Mimran. Kroger stock fell 3.7% last week.
On July 12, L Brands (LB) reported its June sales results. Net sales for the month rose 6% to $1.28 billion compared to $1.21 billion a year ago. Its comparable sales for June rose 3% compared to a year ago. Although the numbers rose for June, they fell behind May’s increase, taking a toll on the stock. The stock plummeted 13.6% last week.
The Hershey Company (HSY) fell 1.6% last week after Bernstein reduced the target price on its stock to $109 from $111.
Goodyear Tire & Rubber Company (GT) stock fell 4.7% last week after Jefferies reduced its target price to $32 from $36.
Word on the Street last week
On July 9, CNBC reported that Jefferies had downgraded Procter & Gamble (PG) to a “hold” from a “buy” and had reduced its target price to $79 from $83. This downgrade came on the back of predictions that the company would miss forecasts for the next fiscal year due to rising commodity costs.
On July 9, JPMorgan Chase upgraded Archer Daniels Midland (ADM) stock to a “neutral” from an “underweight” and raised the stock’s target price to $48 from $42.
On July 9, Morgan Stanley upgraded Delphi Automotive PLC (DLPH) to an “overweight” from an “equal-weight” rating.
After PepsiCo (PEP) reported its second-quarter results on July 10, many brokerage companies raised the stock’s target price. Jefferies raised its target price to $107 from $103 with a “hold” rating. Morgan Stanley increased its target price to $127 from $123. Susquehanna raised its target price to $132 from $128. Cowen and Company raised its target price to $124 from $120. Barclays raised its target price to $111 from $108.
On July 10, Evercore ISI downgraded Walgreens Boots Alliance (WBA) to an “in-line” from an “outperform” rating.
On July 11, Barclays upgraded TripAdvisor (TRIP) to an “overweight” from an “equal-weight” rating and raised its target price to $70 from $49.
On July 13, Citigroup downgraded Ingredion (INGR) to a “sell” from a “neutral.”