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Deutsche Bank reduces its price target on HJ Heinz Company
HNZ from $58 to $57 as it reiterates a Buy rating on shares.
Deutsche Bank notes, "Although Heinz lowered its LT EPS growth outlook to 6-9% given challenges in its N.America operation and need to reinvest, we still see the potential for value creation. Such upside should come over the next few years as emerging markets, SAP learnings and EU gains boost FCF. With a 3-4% div.yield and 1.7x net debt/EBITDA, we see minimal downside."
HNZ closed at $53.55 on Thursday.
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