S&P Equity Research Downgrades Ruddick Corp (RDK) to Hold
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S&P Equity Research downgrades Ruddick Corp (NYSE: RDK) from Buy to Hold.
S&P analyst, J. Agnese, says, "Our downgrade reflects valuation as the shares trade near our 12-month target price of $41, raised today from $37 on our updated comparative and P/E analyses. RDK reports Mar-Q EPS of $0.50 vs. $0.42, $0.02 ahead of our estimate. Margins expanded more than we expected on retail comp-store sales growth of 3.3% compared with our 3.0% projection, and on improved promotional spending. Thread manufacturing segment continues to struggle amid difficult competition. On retail food margin strength, we are upping FY 08 (Sep.) and FY 09 EPS forecasts $0.05 and $0.10, to $2.00 and $2.30."
Ruddick Corporation is a holding company that operates through its two wholly owned subsidiaries: Harris Teeter, Inc. (Harris Teeter) and American & Efird, Inc. (A&E). [SM]
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