TreeHouse Foods (THS) PT Lowered to $38 at Stifel
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Stifel analyst Christopher Growe lowered the price target on TreeHouse Foods (NYSE: THS) to $38.00 (from $42.00) while maintaining a Hold rating.
The analyst commented, "TreeHouse reported its third quarter earnings that were slightly below our estimate; however, it was the outlook for the fourth quarter earnings (down to breakeven or so) and the announcement that the company is exploring its strategic alternatives that really took center stage today. The third quarter showed some hopeful signs – 3% pricing prevailed in the quarter. But, the company slashed its earnings and free cash flow guidance for the year, for the third time, to a level roughly one-third the level to start the year. We believe the whole company, or $2 billion of its Meal Prep division, are in scope for the strategic review although we remain skeptical this can be done at a price above the current level. In the meantime, we see continued risk to the FY22 outlook. We believe our Hold rating remains appropriate and our lowered target price of $38."
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