By Christiana Sciaudone
Investing.com -- Tupperware (NYSE:TUP) is up 11% on Tuesday after DA Davidson initiated coverage with a buy.
Shares are trading at their highest level in about 18 months, at just over $26.
Analyst Linda Bolton Weiser set a target price of $30, saying the business pivoted in the second quarter under new management, and pulled out flat organic sales after three quarters of double-digit declines.
"Operating cash flow more than doubled and the stock surged 68%," StreetInsider reported Weiser as saying. "TUP disclosed projections for 7% revenue and 41% EBITDA growth in 2021."
Catalysts in coming months include more bond repurchases, land sales, sales of the non-core beauty businesses, and the unveiling of the new growth strategy, according to Weiser.
In July, the company reported earnings per share of 84 cents versus the estimated 14 cents on sales of $397.4 million compared to the expected $316.2 million. Shares have two buy ratings, two holds and no sells.