UPDATE: Mizuho Securities Starts Nomad Foods Ltd (NOMD) at Buy

January 26, 2022 4:08 PM EST
Get Alerts NOMD Hot Sheet
Price: $21.30 +3.05%

Rating Summary:
    11 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 24 | New: 12
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(Updated - January 26, 2022 4:10 PM EST)

Mizuho Securities analyst John Baumgartner initiates coverage on Nomad Foods Ltd (NYSE: NOMD) with a Buy rating and a price target of $31.00.

The analyst comments "We initiate coverage of Nomad Foods Ltd. (NOMD) with a Buy rating and $31 price target. We believe the market underestimates multi-year operating efficiencies and innovation that supports volume growth and accretive product mix. As such, we model FY22E-FY24E compound annual growth (CAGR) of +3.5% for net sales and +6.3% for EBITDA relative to the Street's +3% and +4%. We also expect acquisitions to drive upside to our forecasts over time. At 10.8x our CY22E EBITDA (10% discount vs. U.S. Food peers), we regard NOMD's 12-month risk/reward among the most attractive in Food."

For an analyst ratings summary and ratings history on Nomad Foods Ltd click here. For more ratings news on Nomad Foods Ltd click here.

Shares of Nomad Foods Ltd closed at $25.27 yesterday.

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