1319 ET - 2024 was a tough year for staples stocks and the new year is shaping up to be even tougher, TD Cowen analysts say in a research note. Reliable snacking and liquor stocks have been beaten up by value-seeking consumer behavior, while uncertainties about the impact of weight-loss drugs on consumption and the incoming presidential administration's "Make America Healthy Again" bent and the Surgeon General's warning about alcohol have all cast a cloud over long-term prospects for many staples stocks, the analysts say. They believe market leaders tend to perform better when pricing power fades. As such, they upgrade McCormick and Coca-Cola to buy, and downgrade J.M. Smucker and Kimberly-Clark to hold. Cowen cuts WK Kellogg to sell from hold. (dean.seal@wsj.com)
(END) Dow Jones Newswires
January 08, 2025 13:20 ET (18:20 GMT)
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