By Mark Kalinowski
Published on April 15, 2020 at 12:00 AM
The price of block cheese has deteriorated from $1.8375 per pound as of March 23rd to $1.01 per pound as of April 14th. In our coverage list, the largest potential beneficiary of this dynamic is Papa John’s (PZZA; Buy), which owns and operates about 18% of its North American store base (or to look at it another way, Papa John’s owns and operates about 11% of its worldwide store base).
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By Mark Kalinowski
Published on March 5, 2020 at 12:00 AM
Earlier today, Starbucks (SBUX; Buy, $76.19) filed an 8-K which quantified some of the potential impacts on its business from coronavirus in China (a company-owned market for Starbucks). As a result, we lower our full-fiscal 2020E EPS estimate by -23 cents, to $2.80. And, given this lower base of anticipated earnings coming off of 2020, partially offset by 2021 potentially lapping some easy comparisons, we take down our full fiscal 2021E EPS forecast by -17 cents, to $3.25. We note the following:
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By Mark Kalinowski
Published on February 26, 2020 at 12:00 AM
Earlier today, Wendy’s (WEN; Buy, $22.49) reported Q4 2019 adjusted EPS of $0.08. Although this was short of our $0.10 forecast, it did match sell-side consensus (according to Consensus Metrix) of $0.08.
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