BUZZ-MGP Ingredients slumps after cutting annual forecasts on weaker demand

Reuters

Oct 19, 2024

** Shares of El Mayor tequila maker MGP Ingredients drop as much as 27% at $59.46, set for worst day since Jan 2020

** MGPI lowered annual sales and profit forecasts after market close on Thursday and warned it would miss Q3 results on weak demand for spirits and elevated industry-wide whiskey inventories

** Brokerage TD Cowen slashes PT to $66 from $105, cites "worse than expected" Q3 results and expects a much weaker 2025

** Says current slowdown in U.S. spirits has an acute impact on craft brands, owing to limited advertising and promotion resources

** Also says premium brands like MGPI are among the first targets of inventory cutbacks by distributors and retailers

** Company is set to report Q3 earnings on Oct 31

** Six analysts recommend "hold", with a median PT of $102.5

** Including session's moves, stock has fallen ~39% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers HK | Online Trading in stocks, bonds & ETFS","description":"Discover Tiger Brokers HK, an online trading platform for stocks&ETFs, options&futures, bonds and crypto. Open an account to enjoy low commission trading today!","keywords":"tiger trading,tiger security,tiger broker hk,tigers co ltd,tiger trade hk,tiger brokers hk,stock broker,securities broker,online brokerage,hong kong broker,hk broker,online stock trading,online trading platform,stock trading platforms,trading application,stock trading,stock trading hong kong,buying stocks in hong kong,tiger brokers","social":{"ogDescription":"Discover Tiger Brokers HK, an online trading platform for stocks&ETFs, options&futures, bonds and crypto. Open an account to enjoy low commission trading today!","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2476929850"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"HKG","license":"TBHK","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2476929850\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2476929850?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-10-19 01:22","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2476929850","market":"us","top_or_hot":-1,"title":"BUZZ-MGP Ingredients slumps after cutting annual forecasts on weaker demand","media":"Reuters","content":"<html><body><p>** Shares of El Mayor tequila maker <a href=\"https://laohu8.com/S/MGPI\">MGP Ingredients</a>    drop as much as 27% at $59.46, set for worst day since Jan 2020</p><p>   ** MGPI lowered annual sales and profit forecasts after market close on Thursday and warned it would miss Q3 results on weak demand for spirits and elevated industry-wide whiskey inventories </p><p>   ** Brokerage TD Cowen slashes PT to $66 from $105, cites \"worse than expected\" Q3 results and expects a much weaker 2025</p><p>   ** Says current slowdown in U.S. spirits has an acute impact on craft brands, owing to limited advertising and promotion resources </p><p>   ** Also says premium brands like MGPI are among the first targets of inventory cutbacks by distributors and retailers</p><p>   ** Company is set to report Q3 earnings on Oct 31 </p><p>   ** Six analysts recommend \"hold\", with a median PT of $102.5</p><p>   ** Including session's moves, stock has fallen ~39% YTD</p><p> (Reporting by Neil J Kanatt in Bengaluru)</p><p>((Neil.JKanatt@thomsonreuters.com))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BUZZ-MGP Ingredients slumps after cutting annual forecasts on weaker demand</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBUZZ-MGP Ingredients slumps after cutting annual forecasts on weaker demand\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2024-10-19 01:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>** Shares of El Mayor tequila maker <a href=\"https://laohu8.com/S/MGPI\">MGP Ingredients</a>    drop as much as 27% at $59.46, set for worst day since Jan 2020</p><p>   ** MGPI lowered annual sales and profit forecasts after market close on Thursday and warned it would miss Q3 results on weak demand for spirits and elevated industry-wide whiskey inventories </p><p>   ** Brokerage TD Cowen slashes PT to $66 from $105, cites \"worse than expected\" Q3 results and expects a much weaker 2025</p><p>   ** Says current slowdown in U.S. spirits has an acute impact on craft brands, owing to limited advertising and promotion resources </p><p>   ** Also says premium brands like MGPI are among the first targets of inventory cutbacks by distributors and retailers</p><p>   ** Company is set to report Q3 earnings on Oct 31 </p><p>   ** Six analysts recommend \"hold\", with a median PT of $102.5</p><p>   ** Including session's moves, stock has fallen ~39% YTD</p><p> (Reporting by Neil J Kanatt in Bengaluru)</p><p>((Neil.JKanatt@thomsonreuters.com))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MGPI","symbol_name":"MGP Ingredients","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2476929850","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2476929850","pubTimestamp":1729272127,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"** Shares of El Mayor tequila maker MGP Ingredients    drop as much as 27% at $59.46, set for worst day since Jan 2020   ** MGPI lowered annual sales and profit forecasts after market close on Thursday and warned it would miss Q3 results on weak demand for spirits and elevated industry-wide whiskey inventories    ** Brokerage TD Cowen slashes PT to $66 from $105, cites \"worse than expected\" Q3 results and expects a much weaker 2025   ** Says current slowdown in U.S. spirits has an acute impact on craft brands, owing to limited advertising and promotion resources    ** Also says premium brands like MGPI are among the first targets of inventory cutbacks by distributors and retailers   ** Company is set to report Q3 earnings on Oct 31    ** Six analysts recommend \"hold\", with a median PT of $102.5   ** Including session's moves, stock has fallen ~39% YTD ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"MGPI":"MGP Ingredients","BK4084":"特种房地产投资信托","LU2065731478.USD":"ALLSPRING (LUX) WORLDWIDE FUND - SMALL CAP INNOVA \"I\" (USD) ACC","LU0128526141.USD":"TEMPLETON GLOBAL SMALLER COMPANIES \"A\" ACC","LU0029874061.USD":"TEMPLETON GLOBAL SMALLER COMPANIES \"A\" YDIS INC","MGP":"MGM Growth Properties LLC","BK4169":"酿酒商与葡萄酒商"},"translate_title":"BUZZ-MGP Ingredients因需求疲软而下调年度预测后暴跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MGPI":1,"MGP":1},"content_text":"** Shares of El Mayor tequila maker MGP Ingredients    drop as much as 27% at $59.46, set for worst day since Jan 2020   ** MGPI lowered annual sales and profit forecasts after market close on Thursday and warned it would miss Q3 results on weak demand for spirits and elevated industry-wide whiskey inventories    ** Brokerage TD Cowen slashes PT to $66 from $105, cites \"worse than expected\" Q3 results and expects a much weaker 2025   ** Says current slowdown in U.S. spirits has an acute impact on craft brands, owing to limited advertising and promotion resources    ** Also says premium brands like MGPI are among the first targets of inventory cutbacks by distributors and retailers   ** Company is set to report Q3 earnings on Oct 31    ** Six analysts recommend \"hold\", with a median PT of $102.5   ** Including session's moves, stock has fallen ~39% YTD (Reporting by Neil J Kanatt in Bengaluru)((Neil.JKanatt@thomsonreuters.com))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}