Kikkoman initiated with an Underperform at Bernstein

Bernstein analyst Euan McLeish initiated coverage of Kikkoman with an Underperform rating and 7,100 yen price target. The analyst says “intrinsically differentiated consumer brands the world over” are able to command and sustain superior pricing, and they tend to outgrow the competition. Nissin, Ajinomoto and Kikkoman rank among the most Intrinsically differentiated food brands in Japan, the analyst tells investors in a research note.