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Goldman Upgrades Mondavi to 'In-Line'

Goldman Sachs upgraded Robert Mondavi (MOND) to in-line from underperform.

Analyst Marc Cohen says the upgrade is in the context of his attractive coverage view on the beverage group. Cohen says although wine industry fundamentals could remain challenging for another one to three years, unit volume behavior for Mondavi is showing signs of a turnaround after showing lackluster trends in the third quarter.

Cohen says management provided more visibility into drivers of its cost savings initiatives during Wednesday's presentation at the GS Global Consumer Products Conference. He notes the stock is down 25%-30% since early November, vs. the S&P 500 being up about 2%. He sees 89 cents 2003 GAAP EPS, and $1.88 for 2004.

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