UPDATE: Oppenheimer Downgrades Amplify Snack Brands (BETR) to Perform
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(Updated - November 15, 2016 9:33 AM EST)
Oppenheimer downgraded Amplify Snack Brands (NYSE: BETR) from Outperform to Perform and removed its price target (prior $17.00). The change follows weaker than expected Q3 results.
Analyst Rupesh Parikh said, "Earlier this evening, BETR reported Q3 adjusted EPS of $0.12, below a consensus figure of $0.15. As we previewed last Friday, we expected an earnings reset at BETR due primarily to a more difficult backdrop and aggressive Street forecasts, but the report was much weaker than feared due in large part to execution issues. With results again falling short of expectations and more significant execution challenges, we foresee an even more muted earnings trajectory than we modeled last week. We still see significant potential in Amplify's brands, but are now harder pressed to see shares move meaningfully higher near term with the current backdrop and a cloudier earnings outlook next year."
Shares of Amplify Snack Brands closed at $13.47 yesterday.
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