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Tempur Sealy, Beyond Meat, Moderna, AstraZeneca and Merck highlighted as Zacks Bull and Bear of the Day
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For Immediate Release
Chicago, IL – February 19, 2021 – Zacks Equity Research Shares of Tempur Sealy International, Inc. (TPX - Free Report) as the Bull of the Day, Beyond Meat, Inc. (BYND - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Moderna, Inc. (MRNA - Free Report) , AstraZeneca PLC (AZN - Free Report) and Merck & Co., Inc. (MRK - Free Report) .
Tempur Sealy posted blowout fourth quarter 2020 financial results on February 11 that helped push its stock price to record highs. The mattress maker’s outlook has also turned far more impressive. And that’s just the start of why TPX is Friday’s Bull of the Day.
Sleep: Never Going Out of Style
Tempur Sealy is one of the world's largest mattress and bedding companies, operating under Tempur, Tempur-Pedic, Sealy, and the Stearns & Foster brands. The company sells mattresses, pillows, and more, and many of its offerings are what most consumers would consider high-end—outside of the super luxury side.
TPX’s various brands, models, and sizes range in price depending on what customers are looking for in a bed. The company sells adjustable beds, mattresses that provide cooling, and other high-tech capabilities to help provide better sleep. Most recently, TPX is aiming to help reduce snoring, as it can be detrimental to sleep patterns.
The company’s newer Ergo smart base Sleeptracker claims to be the “only sleep system in the market that features snore detection and response.” Maybe more importantly, Tempur-Pedic ranked number one in the U.S. Mattress Satisfaction Report by JD Power for the second year in a row in 2020.
TPX, like all retailers, has invested in its digital and direct-to-consumer business in the "Amazon age" to help fight back against any encroachment from digital-focused newcomers and bed-in-a-box firms such as Casper. Of course, Tempur Sealy also owns its own stores and works with third-party retailers like Mattress Firm, Big Lots and others.
Recent Growth & Outlook
As we touched on at the outset, TPX posted strong Q4 results on Feb. 11, with sales up 21% and adjusted earnings up nearly 100%. Overall, its 2020 revenue jumped over 18% to reach $3.68 billion and top FY19’s 15% revenue expansion. Tempur Sealy has benefitted from increased pandemic related spending, but its sales also soared 30% in the fourth quarter of 2019, well before the coronavirus.
Zacks estimates now call for TPX’s revenue to climb another 17.3% in 2021 to hit $4.31 billion. This top-line expansion is projected to help lift its adjusted earnings by 28%. The company is then expected to follow up FY21’s growth with 6% stronger revenue in FY22 and 10% higher earnings.
The nearby chart showcases how quickly analysts upped their bottom-line outlooks following TPX’s strong fourth quarter report and guidance. Tempur Sealy’s FY21 and FY22 EPS consensus estimates have jumped 23% and 27%, respectively in the last seven days.
Other Fundamentals
At the end of October, the company announced a four-for-one stock split that took place in the fourth quarter of 2020 to help make its price more accessible. The firm also announced its plans to initiate a quarterly cash dividend in 2021, while also increasing its buybacks.
The same day it released its Q4 results, Tempur Sealy declared for the first time since 2008 a quarterly cash dividend of $0.07 per share that's payable on March 12 to shareholders of record as of February 25. The payout will put TPX’s dividend yield at around 0.88%. Plus, the company said it increased its share repurchase plan by over $200 million to a total of $400 million.
TPX shares jumped to a new record following its Q4 release and its other updates, with the stock now up over 20% since near the end of January. The stock also popped during regular trading Thursday to hover just off its recent records at roughly $32 a share. More broadly, TPX has surged 50% in the past six months to crush the market and top the broader retail sector’s 9% run.
Tempur Sealy has also outpaced its Retail-Home Furnishings Market that includes RH, Ethan Allen and others and ranks in the top 7% of our more than 250 Zacks industries. Despite its performance, TPX trades at a discount against its peers at 13.2X forward 12-month earnings vs. their 17.7X average. This also comes in below its own year-long median to help further showcases its value.
Bottom Line
Tempur Sealy’s positive EPS revisions help it land a Zacks Rank #1 (Strong Buy) right now, alongside “A” grades for Growth and Momentum and a “B” for Value in our Style Scores system. Meanwhile, seven out of the eight brokerage recommendations Zacks has for the stock come in at a “Strong Buy.”
Investors might want to consider TPX as a low-priced stock that’s prepared to return more value to shareholders and grow. The firm is also set to benefit from the booming housing market, with 2020 home sales at the highest levels since 2006.
The housing market is finally being driven by millennials, which makes it sustainable beyond the pandemic. Plus, beds aren’t going out of style even if they look more and more high-tech.
Beyond Meat stock has been on a wild ride over the last six months, which extends its rollercoaster journey since the plant-based meat firm went public in May 2019. BYND fell well short of quarterly earnings estimates in the last two quarters and its consensus price target from analysts sits below where the stock trades heading into the release of its fourth quarter 2020 financial results that are due out February 25.
The Simple Beyond Pitch
Founded over a decade ago, Beyond Meat sells so-called plant-based meats. The company and rivals such as privately held Impossible Foods aim to mimic the taste and consistency of real meat rivals, unlike veggie burgers and other offerings that have been around for longer. BYND has expanded its portfolio to include everything from multiple burger patties to sausages and more.
The company’s diversification efforts include more affordable options and larger quantity packaging. Beyond Meat also boasts that its plant-based meats are healthier than traditional meat, but these claims have been disputed.
Therefore, its long-term success might hinge on its ability to sell consumers and Wall Street on its larger goals of shifting from animal to plant-based meat, to counteract what it calls “four growing issues attributed to livestock production: human health, climate change, constraints on natural resources and animal welfare.”
Beyond Meat has landed deals with the likes of Dunkin’ and more recently Taco Bell. Plus, its packaged foods are in stores everywhere from Safeway to Target and Walmart.
The company also announced at the end of January “a joint venture to develop, produce and market innovative snack and beverage products made from plant-based protein” with PepsiCo.
Some of the Questions
Clearly, demand is growing for plant-based meats. But growth has presented challenges for Beyond and established names in the food industry like Hormel Foods, MorningStar Farms, Kraft Heinz and others have entered the space. And in early Feb., Impossible Foods said it is set to cut the prices of its faux meat by 20% at U.S. grocery stores, as part of a continued push to lower its prices.
Along with a crowded market and possible pricing worries, some analysts, including at J.P. Morgan have grown more concerned about Beyond Meat’s near-term prospects given pandemic-based conditions. And BYND posted an adjusted loss of -$0.28 a share in the third quarter, which came in far below the Zacks consensus of +$0.03.
Looking ahead, Zacks estimates call for BYND to sink from an adjusted loss of -$0.01 a share to -$0.14 in the fourth quarter on just 6% stronger sales. This would mark an improvement from Q3’s 3% revenue growth. Still, both represent dramatic slowdowns from Q2’s 69%, Q1’s 141%, and the fourth quarter of 2019’s 213%.
Beyond Meat has been hurt by a huge downturn in its foodservice segment. That said, its full-year revenue is projected to climb 37% in 2020 to reach $409 million, with FY21 expected to come in 53% higher. But these both mark major slowdowns from 2019’s 240% top-line growth.
It is also expected to post a much larger full-year loss of -$0.40 a share in 2020. Luckily, it is projected to bounce all the way back to +$0.08 in 2021.
Bottom Line
Beyond Meat’s overall earnings revisions have trended slightly in the wrong direction. Plus, its Most Accurate Estimates, which are the most recent estimates, come in far below BYND’s consensus estimates. This could set up for a possibly disappointing showing.
BYND’s earnings revisions help it land a Zacks Rank #5 (Strong Sell) at the moment, alongside an “F” grade for Value and “Ds” for Growth and Momentum. On top of that, its current Target Price Consensus of $122 a share comes in 25% below the $167 per share it traded at on the close of regular trading Thursday.
All that said, investors likely want to wait and evaluate Beyond Meat’s actual Q4 results and its outlook before making any decisions.
Additional content:
Is a Beat in Store for Moderna (MRNA - Free Report) This Earnings Season?
We expect Moderna to beat expectations when it reports fourth-quarter 2020 results on Feb 25, before the market open. In the last-reported quarter, the company delivered a negative earnings surprise of 37.21%.
The company’s earnings beat estimates in three of the last four quarters and missed the same once, delivering an average negative surprise of 0.99%.
Moderna’s share price has surged 829% in the past year compared with the industry’s increase of 12.7%.
Let’s see how things have shaped up for this announcement.
Factors to Note
Moderna received approval for emergency use in adults from the FDA for its mRNA-based coronavirus vaccine, mRNA-1273, in December last year. The vaccine is the company’s first commercial product. Sales of the vaccine are likely to be reflected as product revenues in the fourth-quarter results. The vaccine received similar regulatory approvals in a few other countries subsequent to the quarter.
The company is also developing the vaccine for adolescents. Ongoing research activities, increased regulatory activities and activities to support supply of the vaccine to different countries are likely to have driven operating expenses higher during the quarter.
Apart from mRNA-1273, Moderna is developing several other mRNA-based products targeting different indications including cancer. The company also has collaborations under which its partners like AstraZeneca and Merck use its mRNA technology for the development of therapies targeting different indications. The partners pay milestone payments to Moderna, which are likely to be reflected as collaboration revenues. These collaborations revenues can vary every quarter. The Zacks Consensus Estimate for collaboration revenues for the fourth quarter is pegged at $16.55 million.
The company plans to initiate pivotal late-stage study on its cytomegalovirus vaccine candidate, mRNA-1647, in 2021. It is also planning to initiate a phase II study on its Zika vaccine candidate. The company also resumed clinical studies on some of its candidates that were paused due to COVID-19 related disruptions. Ongoing clinical studies and preparation for new studies are likely to have driven operating expenses higher.
Earnings Whispers
Our proven model predicts an earnings beat for Moderna this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is +0.57%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter
Zacks Rank: Moderna currently has a Zacks Rank #3.
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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Tempur Sealy, Beyond Meat, Moderna, AstraZeneca and Merck highlighted as Zacks Bull and Bear of the Day
For Immediate Release
Chicago, IL – February 19, 2021 – Zacks Equity Research Shares of Tempur Sealy International, Inc. (TPX - Free Report) as the Bull of the Day, Beyond Meat, Inc. (BYND - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Moderna, Inc. (MRNA - Free Report) , AstraZeneca PLC (AZN - Free Report) and Merck & Co., Inc. (MRK - Free Report) .
Here is a synopsis of all five stocks:
Bull of the Day:
Tempur Sealy posted blowout fourth quarter 2020 financial results on February 11 that helped push its stock price to record highs. The mattress maker’s outlook has also turned far more impressive. And that’s just the start of why TPX is Friday’s Bull of the Day.
Sleep: Never Going Out of Style
Tempur Sealy is one of the world's largest mattress and bedding companies, operating under Tempur, Tempur-Pedic, Sealy, and the Stearns & Foster brands. The company sells mattresses, pillows, and more, and many of its offerings are what most consumers would consider high-end—outside of the super luxury side.
TPX’s various brands, models, and sizes range in price depending on what customers are looking for in a bed. The company sells adjustable beds, mattresses that provide cooling, and other high-tech capabilities to help provide better sleep. Most recently, TPX is aiming to help reduce snoring, as it can be detrimental to sleep patterns.
The company’s newer Ergo smart base Sleeptracker claims to be the “only sleep system in the market that features snore detection and response.” Maybe more importantly, Tempur-Pedic ranked number one in the U.S. Mattress Satisfaction Report by JD Power for the second year in a row in 2020.
TPX, like all retailers, has invested in its digital and direct-to-consumer business in the "Amazon age" to help fight back against any encroachment from digital-focused newcomers and bed-in-a-box firms such as Casper. Of course, Tempur Sealy also owns its own stores and works with third-party retailers like Mattress Firm, Big Lots and others.
Recent Growth & Outlook
As we touched on at the outset, TPX posted strong Q4 results on Feb. 11, with sales up 21% and adjusted earnings up nearly 100%. Overall, its 2020 revenue jumped over 18% to reach $3.68 billion and top FY19’s 15% revenue expansion. Tempur Sealy has benefitted from increased pandemic related spending, but its sales also soared 30% in the fourth quarter of 2019, well before the coronavirus.
Zacks estimates now call for TPX’s revenue to climb another 17.3% in 2021 to hit $4.31 billion. This top-line expansion is projected to help lift its adjusted earnings by 28%. The company is then expected to follow up FY21’s growth with 6% stronger revenue in FY22 and 10% higher earnings.
The nearby chart showcases how quickly analysts upped their bottom-line outlooks following TPX’s strong fourth quarter report and guidance. Tempur Sealy’s FY21 and FY22 EPS consensus estimates have jumped 23% and 27%, respectively in the last seven days.
Other Fundamentals
At the end of October, the company announced a four-for-one stock split that took place in the fourth quarter of 2020 to help make its price more accessible. The firm also announced its plans to initiate a quarterly cash dividend in 2021, while also increasing its buybacks.
The same day it released its Q4 results, Tempur Sealy declared for the first time since 2008 a quarterly cash dividend of $0.07 per share that's payable on March 12 to shareholders of record as of February 25. The payout will put TPX’s dividend yield at around 0.88%. Plus, the company said it increased its share repurchase plan by over $200 million to a total of $400 million.
TPX shares jumped to a new record following its Q4 release and its other updates, with the stock now up over 20% since near the end of January. The stock also popped during regular trading Thursday to hover just off its recent records at roughly $32 a share. More broadly, TPX has surged 50% in the past six months to crush the market and top the broader retail sector’s 9% run.
Tempur Sealy has also outpaced its Retail-Home Furnishings Market that includes RH, Ethan Allen and others and ranks in the top 7% of our more than 250 Zacks industries. Despite its performance, TPX trades at a discount against its peers at 13.2X forward 12-month earnings vs. their 17.7X average. This also comes in below its own year-long median to help further showcases its value.
Bottom Line
Tempur Sealy’s positive EPS revisions help it land a Zacks Rank #1 (Strong Buy) right now, alongside “A” grades for Growth and Momentum and a “B” for Value in our Style Scores system. Meanwhile, seven out of the eight brokerage recommendations Zacks has for the stock come in at a “Strong Buy.”
Investors might want to consider TPX as a low-priced stock that’s prepared to return more value to shareholders and grow. The firm is also set to benefit from the booming housing market, with 2020 home sales at the highest levels since 2006.
The housing market is finally being driven by millennials, which makes it sustainable beyond the pandemic. Plus, beds aren’t going out of style even if they look more and more high-tech.
Bear of the Day:
Beyond Meat stock has been on a wild ride over the last six months, which extends its rollercoaster journey since the plant-based meat firm went public in May 2019. BYND fell well short of quarterly earnings estimates in the last two quarters and its consensus price target from analysts sits below where the stock trades heading into the release of its fourth quarter 2020 financial results that are due out February 25.
The Simple Beyond Pitch
Founded over a decade ago, Beyond Meat sells so-called plant-based meats. The company and rivals such as privately held Impossible Foods aim to mimic the taste and consistency of real meat rivals, unlike veggie burgers and other offerings that have been around for longer. BYND has expanded its portfolio to include everything from multiple burger patties to sausages and more.
The company’s diversification efforts include more affordable options and larger quantity packaging. Beyond Meat also boasts that its plant-based meats are healthier than traditional meat, but these claims have been disputed.
Therefore, its long-term success might hinge on its ability to sell consumers and Wall Street on its larger goals of shifting from animal to plant-based meat, to counteract what it calls “four growing issues attributed to livestock production: human health, climate change, constraints on natural resources and animal welfare.”
Beyond Meat has landed deals with the likes of Dunkin’ and more recently Taco Bell. Plus, its packaged foods are in stores everywhere from Safeway to Target and Walmart.
The company also announced at the end of January “a joint venture to develop, produce and market innovative snack and beverage products made from plant-based protein” with PepsiCo.
Some of the Questions
Clearly, demand is growing for plant-based meats. But growth has presented challenges for Beyond and established names in the food industry like Hormel Foods, MorningStar Farms, Kraft Heinz and others have entered the space. And in early Feb., Impossible Foods said it is set to cut the prices of its faux meat by 20% at U.S. grocery stores, as part of a continued push to lower its prices.
Along with a crowded market and possible pricing worries, some analysts, including at J.P. Morgan have grown more concerned about Beyond Meat’s near-term prospects given pandemic-based conditions. And BYND posted an adjusted loss of -$0.28 a share in the third quarter, which came in far below the Zacks consensus of +$0.03.
Looking ahead, Zacks estimates call for BYND to sink from an adjusted loss of -$0.01 a share to -$0.14 in the fourth quarter on just 6% stronger sales. This would mark an improvement from Q3’s 3% revenue growth. Still, both represent dramatic slowdowns from Q2’s 69%, Q1’s 141%, and the fourth quarter of 2019’s 213%.
Beyond Meat has been hurt by a huge downturn in its foodservice segment. That said, its full-year revenue is projected to climb 37% in 2020 to reach $409 million, with FY21 expected to come in 53% higher. But these both mark major slowdowns from 2019’s 240% top-line growth.
It is also expected to post a much larger full-year loss of -$0.40 a share in 2020. Luckily, it is projected to bounce all the way back to +$0.08 in 2021.
Bottom Line
Beyond Meat’s overall earnings revisions have trended slightly in the wrong direction. Plus, its Most Accurate Estimates, which are the most recent estimates, come in far below BYND’s consensus estimates. This could set up for a possibly disappointing showing.
BYND’s earnings revisions help it land a Zacks Rank #5 (Strong Sell) at the moment, alongside an “F” grade for Value and “Ds” for Growth and Momentum. On top of that, its current Target Price Consensus of $122 a share comes in 25% below the $167 per share it traded at on the close of regular trading Thursday.
All that said, investors likely want to wait and evaluate Beyond Meat’s actual Q4 results and its outlook before making any decisions.
Additional content:
Is a Beat in Store for Moderna (MRNA - Free Report) This Earnings Season?
We expect Moderna to beat expectations when it reports fourth-quarter 2020 results on Feb 25, before the market open. In the last-reported quarter, the company delivered a negative earnings surprise of 37.21%.
The company’s earnings beat estimates in three of the last four quarters and missed the same once, delivering an average negative surprise of 0.99%.
Moderna’s share price has surged 829% in the past year compared with the industry’s increase of 12.7%.
Let’s see how things have shaped up for this announcement.
Factors to Note
Moderna received approval for emergency use in adults from the FDA for its mRNA-based coronavirus vaccine, mRNA-1273, in December last year. The vaccine is the company’s first commercial product. Sales of the vaccine are likely to be reflected as product revenues in the fourth-quarter results. The vaccine received similar regulatory approvals in a few other countries subsequent to the quarter.
The company is also developing the vaccine for adolescents. Ongoing research activities, increased regulatory activities and activities to support supply of the vaccine to different countries are likely to have driven operating expenses higher during the quarter.
Apart from mRNA-1273, Moderna is developing several other mRNA-based products targeting different indications including cancer. The company also has collaborations under which its partners like AstraZeneca and Merck use its mRNA technology for the development of therapies targeting different indications. The partners pay milestone payments to Moderna, which are likely to be reflected as collaboration revenues. These collaborations revenues can vary every quarter. The Zacks Consensus Estimate for collaboration revenues for the fourth quarter is pegged at $16.55 million.
The company plans to initiate pivotal late-stage study on its cytomegalovirus vaccine candidate, mRNA-1647, in 2021. It is also planning to initiate a phase II study on its Zika vaccine candidate. The company also resumed clinical studies on some of its candidates that were paused due to COVID-19 related disruptions. Ongoing clinical studies and preparation for new studies are likely to have driven operating expenses higher.
Earnings Whispers
Our proven model predicts an earnings beat for Moderna this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is +0.57%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter
Zacks Rank: Moderna currently has a Zacks Rank #3.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.