Lamb Weston (LW) PT Lowered to $90 but Jefferies Explains Why to Buy the Dip
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Jefferies analyst Rob Dickerson lowered the price target on Lamb Weston (NYSE: LW) to $90.00 (from $100.00) after a tough 1H’21 outlook drove shares down over 13%, leaving the implied CY’22 EV/ EBITDA multiple at 11.5x, the highest discount to U.S. food seen in three years.
The analyst reiterated a Buy rating, stating "This is while 2H EBITDA margin reverts to pre-pandemic levels off volume recovery, ~MSD+ pricing power, and a normalizing cost environment. Buying near-term fears in this case we find prudent and reiterate our Buy off fundamental go-forward upside."
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