UBS initiation details for CHD, CL, EL, HPC, MNST, TEN, KO, CCE, DPS, PEP, PG, AVP, CLX, ENR
UBS initiated coverage of the following co's within Consumer Staples and Consumer Discretionary: * CHD initiated with a Buy; tgt $77; leveraging low-growth categories into ~10% EPS growth * CL initiated with a Buy; tgt $70; strong franchise, well-equipped to navigate today's challenges * EL initiated with a Buy; tgt $81; growth to the North, South, East, and West; not your average HPC shop * MNST initiated with a Buy; tgt $85; volumes poised to accelerate in 2014, legal/regulatory concerns seem to abate * TEN initiated with a Buy; tgt $70; beneficiary of growth in global emissions content * KO initiated with a Neutral; tgt $40; a number of pros but one large con...America not quite yet beautiful for co * CCE initiated with a Neutral; tgt $50; well-run co, tough operating environment * DPS initiated with a Neutral; tgt $54; cash still king at DPS, however, growth remains a challenge * PEP initiated with a Neutral; tgt $85; a game of three-way tug of war -- still waiting on a victor * PG initiated with a Neutral; tgt $81; multiple years of problems in the making...multiple years to unwind them * AVP initiated with a Sell; tgt $14; a glutton for restructuring, still starved for reinvestment * CLX initiated with a Sell; tgt $80; well-run and shareholder-friendly company, too-high expectations * ENR initiated with a Sell; tgt $92; weak categories where ENR is in PG's teeth, no shining star on the top line, limiting estimated organic growth to +LSD