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Turnaround Letter
Out-of-Favor Stocks with Real Value

June 9, 2023

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We are moving shares of Molson Coors Beverage Company (TAP) from Buy to Sell. The shares are approaching our 69 price target, with only about 4% upside remaining. This is close enough, given that much of the run-up is being driven by Budweiser’s Bud Light marketing blunder in the United States. Sales of Bud Light have slumped as much as 25%, while sales of Coors, Miller and others have jumped. It’s not clear how long this phenomenon will last, but the share valuation is becoming relatively full. We are reluctant to raise our price target from here. Shares of Molson Coors have produced about a 29% total return since our initial recommendation.

Shares of ESAB Corporation (ESAB) are approaching our 68 price target, so we are reviewing our rating and price target.

The next earnings report is by Walgreens Boots Alliance (WBA), scheduled for June 27.

Friday, June 9, 2023 Subscribers-Only Podcast:

Covering recent news and analysis for our portfolio companies and other topics relevant to value/contrarian investors.

Today’s podcast is just under 7 minutes and covers:

  • Comments on recommended companies
    • WarnerBros Discovery (WBD) – firing of CNN chief boosts stock price.
    • Vodafone (VOD) – dividend cut likely.
    • Walgreens Boots Alliance (WBA) – sold rest of Option Care Health shares.
    • Volkswagen AG (VWAGY) – finally focusing on attractive U.S. car market.
  • Elsewhere in the markets
    • Market tilted too far toward mega-cap tech? Time to buy value.

Market CapRecommendationSymbolRec.
Price at
Rating and Price Target
Small capGannett CompanyGCIAug 20179.22 2.00 - Buy (9)
Small capDuluth HoldingsDLTHFeb 20208.68 6.40 - Buy (20)
Small capDril-QuipDRQMay 202128.28 25.68 - Buy (44)
Mid capMattelMATMay 201528.43 18.67 - Buy (38)
Mid capAdient plcADNTOct 201839.77 37.38 - Buy (55)
Mid capXerox HoldingsXRXDec 202021.91 15.156.6%Buy (33)
Mid capViatrisVTRSFeb 202117.43 9.525.0%Buy (26)
Mid capTreeHouse FoodsTHSOct 202139.43 48.98 - Buy (60)
Mid capKaman CorporationKAMNNov 202137.41 23.483.4%Buy (57)
Mid capThe Western Union Co.WUDec 202116.40 11.788.0%Buy (25)
Mid capBrookfield ReBNREJan 202261.32 31.881.8%Buy (93)
Mid capPolarisPIIFeb 2022105.78 117.79 - Buy (160)
Mid capGoodyear Tire & RubberGTMar 202216.01 13.32 - Buy (24.50)
Mid capJanus Henderson GroupJHGJun 202227.17 28.075.6%Buy (67)
Mid capESAB CorpESABJul 202245.64 64.861.5%Buy (68)
Mid capSix Flags EntertainmentSIXDec 202222.60 27.29 - Buy (35)
Mid capKohl’s CorporationKSSMar 202332.43 22.069.1%Buy (50)
Mid capFirst Horizon CorpFHNApr 202316.76 11.715.1%Buy (24)
Mid capFrontier Group HoldingsULCCApr 20239.49 9.18 - Buy (15)
Large capGeneral ElectricGEJul 2007304.96 106.070.3%Buy (160)
Large capNokia CorporationNOKMar 20158.02 3.992.3%Buy (12)
Large capMacy’sMJul 201633.61 16.024.1%Buy (25)
Large capToshiba CorporationTOSYYNov 201714.49 16.296.4%Buy (28)
Large capHolcim Ltd.HCMLYApr 201810.92 12.973.4%Buy (16)
Large capNewell BrandsNWLJun 201824.78 8.633.2%Buy (39)
Large capVodafone Group plcVODDec 201821.24 9.2911.0%Buy (32)
Large capMolson CoorsTAPJul 201954.96 66.402.3%SELL
Large capBerkshire HathawayBRK.BApr 2020183.18 335.95 - HOLD
Large capWells Fargo & CompanyWFCJun 202027.22 42.372.8%Buy (64)
Large capWestern Digital CorporationWDCOct 202038.47 40.10 - Buy (78)
Large capElanco Animal HealthELANApr 202127.85 9.35 - Buy (44)
Large capWalgreens Boots AllianceWBAAug 202146.53 31.856.0%Buy (70)
Large capVolkswagen AGVWAGYAug 202219.76 16.685.5%Buy (70)
Large capWarner Bros DiscoveryWBDSep 202213.13 14.02 - Buy (20)
Large capCapital One FinancialCOFNov 202296.25 111.632.1%Buy (150)
Large capBayer AGBAYRYFeb 202315.41 13.973.9%Buy (24)
Large capTyson FoodsTSNJun 202352.01 50.863.8%Buy (78)

Disclosure: The chief analyst of the Cabot Turnaround Letter personally holds shares of every Rated recommendation. The chief analyst may purchase securities discussed in the “Purchase Recommendation” section or sell securities discussed in the “Sell Recommendation” section but not before the fourth day after the recommendation has been emailed to subscribers. However, the chief analyst may purchase or sell securities mentioned in other parts of the Cabot Turnaround Letter at any time. Please feel free to share your ideas and suggestions for the podcast and the letter with an email to either me at or to our friendly customer support team at Due to the time and space limits we may not be able to cover every topic, but we will work to cover as much as possible or respond by email.

Bruce Kaser has more than 25 years of value investing experience in managing institutional portfolios, mutual funds and private client accounts. He has led two successful investment platform turnarounds, co-founded an investment management firm, and was principal of a $3 billion (AUM) employee-owned investment management company.