KeyBanc Upgrades Bob Evans Farms (BOBE) to Buy; Sow Costs Decline Should Help
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KeyBanc upgrades Bob Evans Farms (Nasdaq: BOBE) to Buy. Price target $38.
KeyBanc analyst says, "We are upgrading our rating on BOBE to BUY based on our expectations for significant downward pressure on sow costs. While expectations for continued high sow cost levels have been a major factor in our cautionary tone on shares of BOBE, we have now completed a re-evaluation of our projections for sow prices in the coming months in conjunction with our KeyBanc Capital Markets Senior Food Products Analyst, Akshay Jagdale, that indicates that sow prices should continue to experience the downward pressure seen in recent weeks due to an expected accelerated liquidation by many sow and hog producers. We also remain encouraged by continued cost savings from supply chain optimization, best practices and other initiatives. While implications on near-term same store sales (SSS) from the unsure economy in core Great Lakes region markets are a concern, we believe that menu innovations and marketing campaigns should be able to at least partially offset this issue."
Bob Evans Farms, Inc. (Bob Evans) is a full-service restaurant company that operates two restaurant concepts, Bob Evans Restaurants and Mimi’s Cafes.
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