Deutsche Bank Downgrades Flowers Foods (FLO) to Hold
Deutsche Bank downgraded Flowers Foods (NYSE: FLO) from Buy to Hold with a price target of $18.00 (from $25.00). The change follows Q4 results.
Analyst Eric Katzman said, "With more rational category pricing suddenly elusive, a key positive behind our thesis is logically under question. While we think category dynamics can improve LT, it is unclear when this will occur. Despite the stock’s precipitous decline, we now view valuation (17.4x 2016 P/E) as fair although strong FCF and B/S should give support."
For an analyst ratings summary and ratings history on Flowers Foods click here. For more ratings news on Flowers Foods click here.
Shares of Flowers Foods closed at $16.81 yesterday.