Stifel reiterated a Buy rating on Lamb Weston (NYSE: LW), and raised the price target to $38.00 (from $34.00), ahead of the company's 2Q earnings report. Stifel is expecting the company to report EPS of $0.49 per share with adjusted EBITDA at $162 million.

Analyst Christopher Growe commented, "Lamb Weston is scheduled to report its 2Q17 earnings results on Tuesday, January 10th, 2017, its first quarter as a public company since the spinoff from Conagra on November 9. For the quarter, we estimate EPS of $0.49 per share with adjusted EBITDA at $162 million (flat). We believe the company will report its 2Q17 EPS with only a partial quarter of interest expense versus our estimate which includes pro forma interest expense. On this basis, our EPS estimate would stand at $0.57 and above the high end of consensus expectations. The read through from Conagra’s disc. ops. reporting was a positive one although this is far from a perfect proxy for the quarter. We maintain our Buy rating for the stock, even considering the recent strength, and are raising our target price to $38."

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Shares of Lamb Weston closed at $36.83 yesterday.