Citing the strengthening of the U.S. dollar in the midst of the sovereign debt crisis in Europe, Goldman Sachs (NYSE:GS) has lowered their estimates on a number of food, beverage and tobacco stocks, with Goldman saying Coca-Cola (NYSE:KO), Philip Morris International, Inc. (NYSE:PM), Sara Lee Corp. (NYSE:SLE) and Coca-Cola Enterprises Inc. (NYSE:CCE) expected to have the most negative impact on them.
For the broader food, beverage, & tobacco sector, Goldman lowered the estimates by a range of 1 to 2 percent. For the companies named above, they're estimates were lowered by a range of 2 to 3 percent.
Below are the changed EPS estimates of Goldman for the companies in the sector:
Coca-Cola: reiterated FY10 EPS at $3.50, full year 2011 lowered from $3.90 to $3.83.
Coca-Cola Enterprises: kept full year 2010 EPS at $3.50, full year 2011 lowered from $2.04 to $1.99.
Kellogg Company (NYSE:K): maintained full year 2010 EPS at $3.29, full year 2011 lowered from $3.50 to $3.48
Campbell Soup (NYSE:CPB): cut full year 2011 EPS estimates from $2.50 to $2.48 and full year 2012 from $2.68 to $2.65.
Kraft Foods Inc. (NYSE:KFT): maintained full year 2010 EPS at $3.29, full year 2011 dropped from $2.28 to $2.25.
PepsiCo, Inc. (NYSE:PEP): maintained full year 2010 EPS at $4.12, full year 2011 lowered from $4.65 to $4.63.
Philip Morris International Inc.: full year 2010 lowered from $3.89 to $3.85, full year 2011 lowered from $4.62 to $4.45.
Sara Lee Corp.: full year 2011 EPS lowered form $0.86 to $0.84, full year 2012 lowered from $0.95 to $0.91.
Fortune Brands (NYSE:FO): reiterated full year 2010 EPS at $2.77, full year 2011 lowered from $3.68 to $3.66
Coca-Cola was trading at $64.64, gaining $1.47, or 2.32 percent at 1:16 PM EST. Coca-Cola Enterprises was at $24.65, increasing by $0.50, or 2.07 percent. Philip Morris International, Inc. was at $57.62, rising by $0.73, or 1.28 percent, Sara Lee Corp. was up to $15.29, increasing $0.29, or 1.93 percent. Kellog rose to $49.42, gaining $0.19, or 0.39 percent. Campbell Soup increased to $34.15, rising by $0.25, or 0.74 percent. Kraft pushed to $30.65, rising $0.40, or 1.32 percent. Pepsico pressed to $65.36, gaining $1.21, or 1.89 percent. Fortune Brands rose to $60.54, increasing by $1.45, or 2.45 percent.
Interesting that all the stocks mentioned by Goldman were up today in spite of the Forex concerns.
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