Why Tupperware Stock Jumped 10.5% in Early Trading Today
Shares of iconic plasticware maker Tupperware Brands (NYSE: TUP) jumped 10.5% in roughly the first half-hour of trading on Tuesday. By 10:30 a.m. EDT today, the shares had already given back some of that gain, but were still sitting with a 7% advance. Stepping back, however, provides a little perspective: Tupperware's stock is up roughly 200% so far in 2020. For reference, the S&P 500 Index is only up about 6% over that same span.
The news that appears to have incited even more enthusiasm for Tupperware than there already was today is tied to a new analyst call on the stock. Initiating coverage with a buy rating and a $30 price target, D.A. Davidson analyst Linda Bolton Weiser gave an upbeat view of the future for the company. Notably, the outlook is buttressed by management successfully pivoting to digital sales during the COVID-19 pandemic and company projections for 7% revenue growth and more than 40% EBITDA growth in 2021.
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Source Fool.com
