KeyBanc Starts J&J Snack Foods (JJSF) at Sector Weight
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KeyBanc initiated coverage on J&J Snack Foods (NASDAQ: JJSF) with a Sector Weight rating. Analyst Brett Andress sees the stock as fairly valued.
"While JJSF is a best-inclass operator with MSD organic top-line growth potential, margin expansion opportunities, a clean balance sheet (zero debt, $12.75 per share in cash), and disciplined capital allocation philosophy (buying niche undervalued/turnaround assets), we believe the stock is fairly valued at ~13.0x our FY17E EBITDA ahead of what should be a year of below-average sales growth, with limited visibility into earnings upside and capital deployment (nine quarters without M&A, longest since FY10). We would look for a more attractive entry point for new money," said Andress.
Shares of J&J Snack Foods closed at $122.39 yesterday.
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