UPDATE: Jefferies Initiates H.J. Heinz at Buy

Jefferies is out with its report today on H.J. Heinz (NYSE: HNZ), initiating HNZ at Buy.

In its report, Jefferies writes, "We are initiating coverage of Heinz with a Buy rating and $59 PT. HNZ's equity is likely to outperform that of its peers as the benefits of the expected 20-23% emerging market contribution to sales is currently not fully reflected in the company's share price. Also, successful innovation, like Dip & Squeeze, could function as a door opener for incremental food service business in the future."

Shares of HNZ closed Wednesday at $49.71, down 1.78% from Tuesday's close.