Diminished WIC Contract, Zika Fears Reduce Mead Johnson’s Risk; Shares Attractive
We are trimming our valuation for wide moat Mead Johnson to $82 per share from $84 to reflect WIC contract changes and currency headwinds. However, we are also reducing our uncertainty rating to medium from high after the firm defended its California WIC arrangement (the nation’s largest), and as early signs point to a more modest birth rate impact from the Zika virus.We view the shares as attractive. We suspect short-term U.S. market share losses and transitory impacts from a new inspection re...
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