UPDATE: Canaccord Genuity Upgrades Smart Balance (SMBL) to Buy; Positive on Udi’s Healthy Foods Acquisition

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(Updated - June 4, 2012 8:38 AM EDT)

Canaccord Genuity upgraded Smart Balance (NASDAQ: SMBL) from Hold to Buy with a price target of $8.00 (from $6.50).

Analyst, Scott Van Winkle, said, "We continue to believe that Smart Balance has a favorable financial model and platform for growth in the healthier foods arena that is enhanced by the Udi’s acquisition...Expected to be accretive to F2013E cash EPS (ex. intangible amortization), and we estimate $0.03 of cash EPS accretion."

For an analyst ratings summary and ratings history on Smart Balance click here. For more ratings news on Smart Balance click here.

Shares of Smart Balance closed at $6.07 yesterday, with a 52 week range of $4.47-$7.15.

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