Blue Buffalo is poised to capitalize on trends favoring premium and natural pet foods.
Though its first-quarter results leave the company on-pace to meet our full-year expectations, our $26 fair value estimate for narrow-moat Blue Buffalo should see a high-single-digit percentage uptick as we incorporate our forecast for 2018 U.S. corporate tax reform. We see the shares as attractive at current levels. Although its 8% first-quarter sales increase lags our 10% full-year mark (performance should accelerate through the year), we are encouraged the higher-margin wet food and treat off...
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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