Stock price when the opinion was issued
Probably one of the better staple companies. In July it had a big Venezuelan devaluation which resulted in a sharp drop in earnings. This was followed by the currency earnings drag. You are going to probably see some pullbacks and corrections in valuations, but longer-term this is a very good story if you have a multi-year view on the company.
He is avoiding staples right now. They are trading very, very rich. This company has had a negative earnings revision and are really struggling in some of their core categories with pricing pressures and volume. Not a lot of positive things to say about this. He would be moving on to a different sector, on the view that we will be seeing higher rates. This is not a “Growth” story, it is a “how do we save the ship” story.
This is one of those pretty stable consumer stocks so you can always feel safe on it. The only question he would have on this is what is going to happen to the US currency so he has tended to avoid a lot of the US stocks. This is one that will continue to grow its dividend because the profits are pretty well global. 2.3% yield.