Credit Suisse Raises Price Price Target on Kraft Heinz (KHC) to $100; Reiterates Outperform
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Credit Suisse reiterated an Outperform rating on Kraft Heinz Company (NASDAQ: KHC), and raised the price target to $100.00 (from $98.00), after adjusting estimates.
Analyst Robert Moskow commented, "We are raising our target price for Kraft Heinz to $100/share and our 2017 EBITDA estimate modestly above consensus, based on our view that it will raise its net synergy target from the Kraft acquisition to as high as $2.0 billion compared to $1.5 billion currently. On its last earnings call, management stopped short of raising its target even though the pace of synergies (now at $1.2 billion annually) has come through faster than expected. The smooth SAP systems integration, Kraft's flexibility to cultural change, and the benign inflation environment have exceeded management's initial expectations. By our math, the positive momentum behind these factors along with perhaps $290 million of manufacturing footprint savings will lead to a positive revision – perhaps during 4Q. We provide the details behind our assumptions in the attached report.
Shares of Kraft Heinz Company closed at $89.08 yesterday.
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