Jefferies Downgrades Heinz (HNZ) to Hold
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Price: $72.49 --0%
Rating Summary:
1 Buy, 8 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 17 | New: 20
Rating Summary:
1 Buy, 8 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 17 | New: 20
Trade HNZ Now!
Jefferies downgraded Heinz (NYSE: HNZ) from Buy to Hold with a price target of $56 (down from $60).
The firm comments, "While the international businesses seem to do well, the North American Consumer Products division continues to struggle. After several attempts to improve this business, we prefer to move to the sidelines until the company shows some turnaround success. FY13 guidance was disappointing, in our view, with potentially all of the EPS growth coming from tax benefit."
FY12 EPS was cut from $3.60 to $3.46 and FY13 from $3.95 to $3.59.
For an analyst ratings summary and ratings history on Heinz click here. For more ratings news on Heinz click here.
Shares of Heinz closed at $53.55 yesterday, with a 52 week range of $48.17-$55.48.
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The firm comments, "While the international businesses seem to do well, the North American Consumer Products division continues to struggle. After several attempts to improve this business, we prefer to move to the sidelines until the company shows some turnaround success. FY13 guidance was disappointing, in our view, with potentially all of the EPS growth coming from tax benefit."
FY12 EPS was cut from $3.60 to $3.46 and FY13 from $3.95 to $3.59.
For an analyst ratings summary and ratings history on Heinz click here. For more ratings news on Heinz click here.
Shares of Heinz closed at $53.55 yesterday, with a 52 week range of $48.17-$55.48.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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