UPDATE: JP Morgan Raises PT to $58 on HJ Heinz Following Latest Earnings
JP Morgan reiterated its Neutral rating on HJ Heinz (NYSE: HNZ) and raised its price target from $52 to $58.
JP Morgan noted, "Following last week's earnings, we maintain our Neutral rating on Heinz. We see Heinz as a “true Neutral”, a stock that because of its dividend yield probably has limited downside, but because of its higher multiple may have minimal upside too (at least in the near term). We are raising our target price to $58 from $52 merely to reflect the shift in our target price date to December 2013 from December 2012."
HJ Heinz closed at $58.43 on Friday.
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