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

Reuters

2024/10/19

** 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))

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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 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