Credit Suisse Maintains a 'Neutral' on Heinz (HNZ); Raising Estimates and Target Price, But Not Much Upside From Here

Credit Suisse maintains a 'Neutral' on Heinz (NYSE: HNZ), raises PT from $50 to $55.

Credit Suisse analyst said, "While we found management's presentation of its two-year strategy for investment and growth very compelling, we think the stock has only modest upside over the next 12 months. The stock is already trading at a premium valuation multiple to the food group despite the fact that top-line growth has dipped below the group average. We are raising our target price modestly to $55/share, which assumes a group average P/E of 15x our FY 13 estimate of $3.65 (old: $3.60). Investors may have a better opportunity to buy this stock a year from now as they get better visibility into earnings growth acceleration in FY 13."

For more ratings news on Heinz click here and for the rating history of Heinz click here.

Shares of Heinz closed at $54.68 yesterday.

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