UPDATE: Piper Jaffray Lowers Target to $23 on B&G Foods

Piper Jaffray lowers its target price on B&G Foods

to $23, down $1, on continued caution following top-line weakness. Piper Jaffray says, " Last night, BGS reported earnings inline with consensus of $.30/sh after adjusting for the expenses associated with the Culver acquisition. The company revenue fell short of our expectations, but it was able to deliver operating profit inline by reducing its SG&A. Gross margins in the quarter fell for the second quarter in a row as volumes did not keep up with price increases. Overall, we view the quarter as largely inline from an earnings perspective, but the top line miss is something to continue monitoring moving forward." BGS closed at $22.20 on Thursday.