bal target $30, page-49

When you see every single broker putting out a buy upgrade, stocks are meant to be taken seriously as brokers take final years of forecasting conservatively, which means that any uplift in earnings will be met with a stock price rerate. Dividend also plays a role in future financial performance. Less the better. Unlike many companies out there, BAL and A2M have real revenues, real earnings, real game plan and a trustable brand which has been built over a 10 year period.

At a macro-level, 1 child policy ending, consolidation of brands to only about 300 from 2000 previously, licensing, 0% tariffs on infant formulas as part of CHAFTA, a possible trade war with the US and a non-existent European Union free-trade agreement only points towards one thing for these two brands.