Bank of America Maintains Neutral Rating and $55 PT on H.J. Heinz

A report from Bank of America reiterates its Neutral rating and $55 price target on H.J. Heinz HNZ. The report states, “Key takeaways. 1) sales of $2.83b were slightly below our $2.87b forecast. Organic sales grew +1.5 percent with volumes down -2.9% and pricing +4.4%. This compared to our forecast of volumes down -0.5% and pricing +3.9%; 2) operating profits were $395M versus our forecast of $416M. Weaker than expected gross margins and weak profits in U.S. Foodservice and Asia /Pacific drove the miss.” HNZ closed yesterday at $52.82.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorEarningsNewsReiterationAnalyst RatingsBank of America
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!