Despite disadvantages, new distribution in grocery and mass channels should help Blue Buffalo.
We do not anticipate making a large change to our $28.50 per share valuation for narrow-moat Blue Buffalo after it posted second-quarter earnings that leave it on-pace to meet our 2017 targets. In the first half, Blue Buffalo saw 5% sales growth and a 24% adjusted operating margin, and reaffirmed guidance calling for $1.24-$1.27 billion of sales and adjusted diluted EPS of $0.91-0.94 (versus our $1.26 billion and $0.93 forecast).We have a favorable view of the company's recent move into select ...
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