Thesis Playing Out as Formula Rebounds for RB; Limited Upside Remains
RB delivered a welcome beat and raise in the second quarter, amid signs that the company is getting close to returning to the above-industry average rate of organic growth that we think it can achieve in the medium term. Particularly pleasing was the fact that the upside came from the former Mead Johnson business infant formula business--a controversial acquisition, but one that we think will help deliver the upside to the stock. Management raised its full-year sales growth guidance slightly, an...
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