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Friday, August 23, 2024
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Costco Wholesale Corp. , Merck & Co., Inc. and Linde plc , as well as two micro-cap stocks Hamilton Beach Brands Holding Co. and Armanino Foods of Distinction, Inc. . The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Costco’s shares have outperformed the Zacks Retail - Discount Stores industry over the year-to-date period (+34.2% vs. +23.2%). This company Being a consumer defensive stock, has been surviving the market turmoil pretty well. The discount retailer’s key strengths are strategic investments, a customer-centric approach, merchandise initiatives, and an emphasis on membership growth.
These factors have been helping it register decent sales and earnings numbers. This outlook reflects Costco’s ability to navigate the challenging operating environment, generate solid sales, and register high membership renewal rates.
A favorable product mix, steady store traffic, pricing power, and strong liquidity position should help Costco keep outperforming. While trading at a premium to its peers, its long-term growth prospects should help the stock see a solid upside.
(You can read the full research report on Costco here >>>)
Shares of Merck have gained +8.0% over the year-to-date period against the Zacks Large Cap Pharmaceuticals industry’s gain of +28.9%. The company is witnessing generic competition for several drugs and rising competitive pressure, mainly on the diabetes franchise, will continue to be overhangs on the top line.
There are concerns about Merck’s ability to grow its non-oncology business ahead of Keytruda’s loss of exclusivity later in the decade. However, Merck beat second-quarter estimates for earnings and sales. Products like Keytruda and Gardasil have been driving sales. With continued label expansion into new indications, particularly earlier-stage launches, Keytruda is expected to see continued growth.
Animal health and vaccine products are core growth drivers. Merck boasts a strong cancer pipeline, including Keytruda, which should drive long-term growth. Merck is investing in M&A activity to strengthen its pipeline.
(You can read the full research report on Merck here >>>)
Linde’s shares have outperformed the Zacks Chemical - Specialty industry over the year-to-date period (+14.6% vs. -17.5%). The company being a global leader in industrial gas manufacturing, supplies a wide range of essential gases to industries such as energy, steel, healthcare, manufacturing and electronics.
The firm secures long-term contracts with key on-site clients that feature minimum purchase agreements. This helps stabilize earnings during economic downturns, supported by its robust business model. Linde reported strong second-quarter earnings, driven by higher pricing from the Americas segment.
However, increasing competition for new projects poses a challenge to the company's return on investment. Additionally, the volatility of energy prices, particularly for natural gas and diesel fuel, presents a significant concern for profitability. An increasing regulatory burden may also negatively impact the industrial gas producer’s overall financial health.
(You can read the full research report on Linde here >>>)
Shares of Hamilton Beach Brands have outperformed the Zacks Household Appliances industry over the year-to-date period (+66.3% vs. -13.8%). This microcap company with market capitalization of $383.56 million reports robust second-quarter 2024 results, driven by a 590-bps year-over-year improvement in the gross profit margin to 25.9%, reflecting effective cost management and strategic pricing.
Revenues grew 14% year over year to $156.2 million, fueled by a strong core market performance in the United States, Mexico and Latin America, and a strategic focus on flagship brands. HBB's financial position strengthened significantly in the second quarter, with net debt reduced to $12.8 million and cash reserves rising to $37.2 million.
Sales in premium markets grew 20%, supported by innovation and strategic licensing. The company’s initiatives and solid global commercial market performance underpin a positive outlook for sustained growth.
(You can read the full research report on Hamilton Beach Brands here >>>)
Armanino Foods of Distinction’s shares have outperformed the Zacks Food - Miscellaneous industry over the year-to-date period (+19.8% vs. +3.0%). This microcap company with market capitalization of $179.57 million delivered record sales and profitability in second-quarter 2024, with a 16% year-over-year increase in net sales to $17.48 million and a 90% surge in pre-tax income, driven by cost efficiencies and margin improvements.
Armanino Foods of Distinction boasts 84 consecutive profitable quarters and a solid balance sheet, with $21.39 million in cash reserves, supporting its growth initiatives. Armanino increased its dividend by 10% and launched a $7-million stock buyback program, highlighting management's confidence.
Strategic geographic expansion, strong market penetration and product diversification, including a 65% market share in food service pesto, enhance its competitive edge. Armanino's commitment to quality, evidenced by its BRC Grade AA certification, underpins its market leadership and positions the company for continued growth.
(You can read the full research report on Armanino Foods of Distinction here >>>)
Other noteworthy reports we are featuring today include Chipotle Mexican Grill, Inc. , Truist Financial Corp. and M&T Bank Corp. .
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Decent Comparable Sales Run to Fuel Costco's Top Line
Keytruda to Remain Merck's Key Top-Line Driver
Linde's Long-Term Contracts With Minimum Volume Aid
Featured Reports
Chipotle Banks on Digital Initiatives, High Costs Ail
Per the Zacks analyst, Chipotle's consistent strength in digital sales, rise in menu prices and new restaurant openings bode well. However, elevated labor expense is a concern.
High Rates, Fee Income Aid Truist Financial , Costs Ail
Per the Zacks analyst, Truist Financial's efforts to improve fee income and the current high-rate environment will aid the top line. Elevated costs due to investments in technology will hurt profits.
Loan Growth Supports M&T Bank , Rising Costs a Woe
Per the Zacks analyst, M&T Bank's top line gets support from increasing loans and deposits balances. However, an escalating expense base keep bottom line under pressure.
Cost Management & Regulated investment Aid Exelon
Per the Zacks analyst Exelon's cost management initiatives will have positive impact on margins and its planned $34.5B investments through 2027 will strengthen its operation.
Strong Momentum Across Segments Aids HubSpot's Revenues
Per the Zacks Analyst, strong user engagement across all segments is boosting HubSpot's top line. Integration of AI across its product suite further aids the company.
Expanding Clientele, Hybrid-Working Solutions Aids Zoom
Per the Zacks analyst, Zoom is benefiting from solid adoption of hybrid-working solutions like Zoom Phone and expanding subscriber base driven by the need for digital transformation among enterprises.
Improving User Engagement, Partnerships to Drive Snap
Per the Zacks analyst, extended partnerships with the likes of Comcast and Viacom related to new content production are expected to boost Snap's audience base as well as user engagement.
New Upgrades
Strong Demand, Price Hikes Aid Packaging Corporation
Per the Zacks analyst, Packaging Corp will gain on robust packaging demand backed by e-commerce and rising requirement for packaging of food, beverages and medicines as well as its pricing actions.
Universal Health Rides on Solid Acute Care Platform
Per the Zacks Analyst, growing patient admissions and expansion initiatives in the Acute Care Hospital Services unit drive revenue growth. An adequate cash balance ensures business investments.
Rising Orders at Architectural Services to Aid Apogee
Per the Zacks analyst, a solid backlog and a strong project pipeline in its Architectural Services segment will drive Apogee's performance. Focus on improving efficiency will aid margins.
New Downgrades
Copa Holdings' Prospects Hurt by High Operating Costs
High fuel and labor expenses at Copa Holdings bother the Zacks analyst. Weakness pertaining to passenger yield and cargo revenues represents another headwind.
Excess Inventory & Declining Order Backlog Ail Winnebago
Per the Zacks analyst, the presence of excess inventory in the motorhome RV and marine categories poses challenges to Winnebago. The declining backlog in motorized RV & towable RV is also concerning.
Destocking and FX Headwind To Ail West Pharmaceutical
Per the Zacks analyst, higher customer destocking across West Pharmaceutical's business units is likely to continue in upcoming quarters, hurting sales. FX headwind to hurt 2024 revenues by $5 million
Zacks Investment Research
Consumer spending in the US has been a mixed bag based on the types of goods and services, but in general the consumer has proved fairly resilient despite inflationary pressures and the substantial increase in interest rates since the tightening period began.
Zacks recently upgraded 2 small caps, Hamilton Beach Brands Holding Company and Armanino Foods of Distinction , Inc.), from Neutral to Outperform. Both companies reported marked operating improvements in Q2 but also rely on discretionary consumer spending.
Hamilton Beach makes branded electric appliances for household and commercial use, with 2023 sales of $626 million and a market capitalization of about $380 million. The stock has had an impressive run lately, up +57% over the past year, handily outperforming the Zacks Consumer Discretionary sector’s roughly flat returns over the period.
Hamilton Beach’s sales grew 14% year-over-year (YOY) in Q2 as the designer of small kitchen appliances continues to execute on its sales strategy which includes successful penetration into the higher margin premium products category. Products include air fryers, blenders, coffee makers, juicers, mixers, etc.
While the company expects a more subdued YOY performance in the second half of 2024 due to tough comps, we believe the forward valuation, strong free cash flow generation , lower interest expense from material debt reduction, and proven market penetration outweigh topline softening risks.
Hamilton Beach shares are currently trading at 10.9X trailing 12-month earnings. This compares to a high of 22.1X, low of 4.9X and median of 9.9X over the preceding 5-year period, as the chart below shows.
Armanino Foods of Distinction, Inc. produces frozen and refrigerated food products including pesto flavors, specialty sauces, frozen pasta, meatballs, and prepared meals. Sales grew 16% YOY in Q2 while operating income improved 90% YOY due to reduced commodity prices and improved manufacturing process efficiencies.
We expect the company to continue to benefit in the near term from these conditions. Additionally, the company has recently expanded into the Texas market with hopes of duplicating their leading brand success experienced in certain California markets.
With a market cap of $180 m, the company has generated $63 m of sales over the past 12 months. The stock is up 16.7% YTD vs. 1.1% for the Zacks food industry.
Armanino Foods of Distinction shares are currently trading at 16.5X trailing 12-month earnings as the chart below displays. Over the last 5 years the stock has traded as high as 58.83X and as low as 10.3X. The median over this time-frame is 18.5X.
While both companies have expressed a degree of caution about the state of the consumer, we don’t foresee topline imploding. Thus far their respective product categories have demonstrated consumer spending resiliency while also successfully executing on new strategies i.e. new market penetration with improved balance sheets.
Forward looking valuations appear reasonable, in our opinion. Please note that both companies also offer dividend yields of 2.6% and 1.7% respectively for Armanino Foods and Hamilton Beach. Lastly, both companies may benefit from a lower interest rate environment down the road.
Zacks Investment Research
The FDA will hold an Oncologic Drugs Advisory Committee (ODAC) meeting on September 26 to reevaluate the approvals of checkpoint inhibitors for advanced gastric, gastroesophageal junction adenocarcinoma, and esophageal squamous cell carcinoma.
The current labeling for approved checkpoint inhibitors in this indication reflects broad approvals in the intent to treat patient populations agnostic of programmed death cell ligand-1 (PD-L1) expression.
Also Read: Merck Stops Lung Cancer Study For Keytruda Combo Due To Ineffective Results, Side Effects.
Cumulative data have shown that PD-L1 expression appears to be a predictive biomarker of treatment efficacy in this patient population; however, clinical trials have used different approaches to assess PD-L1 expression and different thresholds to define PD-L1 positivity.
The focus will be on whether these approvals should be restricted based on tumors’ PD-L1 expression.
The review includes existing approvals for Bristol Myers Squibb Co’s Opdivo (nivolumab) and Yervoy (ipilimumab), Merck & Co Inc.’s Keytruda (pembrolizumab), and pending applications for BeiGene Inc’s Tevimbra (tislelizumab).
FDA would like the Committee’s opinion on the following:
Earlier this year, the FDA approved BeiGene’s Tevimbra as monotherapy for adult patients with unresectable or metastatic esophageal squamous cell carcinoma (ESCC) after prior systemic chemotherapy that did not include a PD-(L)1 inhibitor.
Read Next:
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