Morgan Stanley Remains Sidelined on Lamb Weston (LW) Following 1Q Results
Morgan Stanley reiterated an Equalweight rating and $50.00 price target on Lamb Weston (NYSE: LW) following the company's 1Q earnings report. LW once again exceeded EPS expectations with $0.57 vs. consensus estimates of $0.49, reinforcing what has become a common trend for the company since it's spin-off.
Despite Q1 upside, management reaffirmed its initial full year guidance, which calls for L-MSD sales growth and $740-760 Mn in EBITDA. The year is still expected to be back-half weighted largely due to incremental manufacturing capacity and the timing of customer contract renewals.
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Shares of Lamb Weston closed at $48.41 yesterday.