Goldman Sachs Bumps Price Target on Heinz (HNZ) Higher, But Keeps Sell Rating

August 24, 2011 7:30 AM EDT
Get Alerts HNZ Hot Sheet
Price: $72.49 --0%

Rating Summary:
    1 Buy, 8 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Goldman Sachs reiterated its Sell rating on Heinz (NYSE: HNZ) but lifted its price target from $49 to $50 following relatively soft 1Q12 results and a maintained yearly outlook.

The firm comments, "To achieve full year FY12 FX-neutral guidance we believe that the firm’s underlying constant currency EPS growth will need to accelerate to the mid-teens in the second half, from roughly flat in the first half. And this acceleration will likely need to come despite a higher tax rate headwind (a reversal of the expected 1H tailwind). This acceleration objective appears too lofty to us and, as such, we see HNZ’s constant currency guidance at risk."

For more ratings news on Heinz click here and for the rating history of Heinz click here.

Shares of Heinz closed at $51.44 yesterday.

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