Stock price when the opinion was issued
Down YOY, but has actually held up well during recent market uncertainty. 40% of revenue from EMs, which tend to have stronger long-term, secular growth. Cocoa prices spiked, and chocolate is 30% of its business, so they guided earnings down. Long-term outlook still attractive, expanding into adjacent categories.
These companies have traded off on the fears of GLP-1. Volumes starting to drop. Growth metrics just don't support the valuations in the space. About 60% of revenue from international sources, so strong USD is a major headwind.