Wedbush Remains Bullish Towards WhiteWave Foods (WWAV) Following Strong 1Q15
Wedbush maintains their Outperform rating on WhiteWave Foods (NYSE: WWAV), and raised the price target to $51.00 (from $48.00), following a strong 1Q15. WWAV reported revenues of $911M, up 9.7% (compared to 8.8% estimates). They also reported a 1Q EPS of $0.24 (vs. $0.22 consensus). WWAV offered updated EPS guidance of $1.10-1.14.
Wedbush analyst, Phil Terpolilli, commented on the 1Q15 performance, saying, "We were encouraged by strong performances across the bulk of WWAV’s brands, particularly in light of some softness in other specialty food company 1Q results. Our target price reflects ~36x our revised FY16 EPS of $1.40. We believe WWAV is likely to grow its organic portfolio top line high-single-digits+, layer on M&A and JV, and continue to execute on operating scale and efficiencies. This, coupled with WWAV’s high-brand equity portfolio with favorable positioning in better-for-you foods, as well as long-term international growth opportunities, afford the company a premium multiple."
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Shares of The WhiteWave Foods Company closed at $46.10 yesterday.