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Turnaround Letter
Out-of-Favor Stocks with Real Value

December 10, 2021

This week’s Friday Update is brief, with no earnings or ratings changes. Despite the uncertainty in the broad stock market, there wasn’t much news on our recommended companies.


This week’s Friday Update is brief, with no earnings or ratings changes. Despite the uncertainty in the broad stock market, there wasn’t much news on our recommended companies.

Friday, December 10, 2021 Subscribers-Only Podcast
Covering recent news and analysis for our portfolio companies and other topics relevant to value investors.

Today’s podcast is about 8 minutes and covers:

  • Brief updates on:
    • GCP Applied Technologies (GCP) – confirmed, all-cash deal at $32/share.
    • TreeHouse Foods (THS) – standstill agreement with Jana expires next week.
    • Macy’s (M) – Similar arbitrage spin-offs possible at Kohl’s and Intel.
    • Walgreens Boots Alliance (WBA) – may be selling UK Boots retail pharmacy chain.

  • Elsewhere in the market:
    • Peak private equity.

  • Final note:
    • Your Holiday Guide to Becoming a Crypto Billionaire.

Market CapRecommendationSymbolRec.
Price at
Price on 12/9/2021Current
Small capGannett CompanyGCIAug 20179.224.960.0%Buy (9)
Small capDuluth HoldingsDLTHFeb 20208.6816.460.0%Buy (20)
Small capDril-QuipDRQMay 202128.2820.010.0%Buy (44)
Mid capMattelMATMay 201528.4321.410.0%Buy (38)
Mid capConduentCNDTFeb 201714.965.330.0%Buy (9)
Mid capAdient plcADNTOct 201839.7746.750.0%Buy (55)
Mid capLamb Weston HoldingsLWMay 202061.3656.711.7%Buy (85)
Mid capGCP Applied TechnologiesGCPJul 202017.9631.740.0%Buy (28)
Mid capXerox HoldingsXRXDec 202021.9121.064.7%Buy (33)
Mid capIronwood PharmaceuticalsIRWDJan 202112.0211.270.0%Buy (19)
Mid capViatrisVTRSFeb 202117.4312.593.5%Buy (26)
Mid capVistra CorporationVSTJun 202116.6820.892.9%Buy (25)
Mid capOrganon & Co.OGNJul 202130.1928.673.9%Buy (46)
Mid capMarathon OilMROSep 202112.0116.041.5%Buy (18)
Mid capTreeHouse FoodsTHSOct 202139.4338.850.0%Buy (60)
Mid capKaman CorporationKAMNNov 202137.4141.281.9%Buy (57)
Mid capThe Western Union Co.WUDec 202116.4018.035.2%Buy (57)
Large capGeneral ElectricGEJul 2007304.9697.830.3%Buy (160)
Large capRoyal Dutch Shell plcRDS.BJan 201569.9543.84.4%Buy (53)
Large capNokia CorporationNOKMar 20158.025.990.0%Buy (12)
Large capMacy’sMJul 201633.6126.782.2%HOLD
Large capCredit Suisse Group AGCSJun 201714.489.62.7%Buy (24)
Large capToshiba CorporationTOSYYNov 201714.4920.473.1%Buy (28)
Large capHolcim Ltd.HCMLYApr 201810.929.684.5%Buy (16)
Large capNewell BrandsNWLJun 201824.7822.784.0%Buy (39)
Large capVodafone Group plcVODDec 201821.2414.946.8%Buy (32)
Large capKraft HeinzKHCJun 201928.6833.474.8%Buy (45)
Large capMolson CoorsTAPJul 201954.9645.573.0%Buy (69)
Large capBerkshire HathawayBRK.BApr 2020183.18284.520.0%HOLD
Large capWells Fargo & CompanyWFCJun 202027.2249.691.6%Buy (55)
Large capBaker Hughes CompanyBKRSep 202014.5324.872.9%Buy (26)
Large capWestern Digital CorporationWDCOct 202038.4757.330.0%Buy (78)
Large capAltria GroupMOMar 202143.8044.598.1%Buy (66)
Large capElanco Animal HealthELANApr 202127.8528.490.0%Buy (44)
Large capWalgreens Boots AllianceWBAAug 202146.5349.173.9%Buy (70)

Market cap is as-of the Initial Recommendation date.
Current status indicates the rating and Price Target in ( ).
Prices are closing prices as-of date indicated, except for those indicated by a "*", which are price as-of SELL recommendation date.

Please feel free to share your ideas and suggestions for the podcast with an email to either me at or to our friendly customer support team at Due to the time limit we may not be able to cover every topic each week, but we will work to cover as much as possible or respond by email.

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.