Jefferies Raises Price Target on Heinz (HNZ) to $60 Following Strong Q3
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Price: $72.49 --0%
Rating Summary:
0 Buy, 8 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
0 Buy, 8 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Jefferies raised its price target on Heinz (NYSE: HNZ) from $59 to $60 following better-than-expected Q3 results late last week.
The firm comments, "HNZ's 3Q12 results made the company look strong compared to some underwhelming peers. HNZ’s performance was due to good organic growth and a very beneficial tax rate. The organic results confirm our view that packaged food companies with a large exposure to emerging markets should outperform those tied primarily to the domestic economy."
The firm trimmed Q4 EPS from $0.90 to $0.80, while FY12 remained at $3.35. FY13 goes down from $3.65 to $3.62.
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 $54.47 yesterday.
The firm comments, "HNZ's 3Q12 results made the company look strong compared to some underwhelming peers. HNZ’s performance was due to good organic growth and a very beneficial tax rate. The organic results confirm our view that packaged food companies with a large exposure to emerging markets should outperform those tied primarily to the domestic economy."
The firm trimmed Q4 EPS from $0.90 to $0.80, while FY12 remained at $3.35. FY13 goes down from $3.65 to $3.62.
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 $54.47 yesterday.
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