UPDATE: JP Morgan Initiates Coverage on WhiteWave Foods with Overweight Rating, $19 PT
In a report published Wednesday, JP Morgan & Co. initiated coverage on WhiteWave Foods (NYSE: WWAV) with an Overweight rating and $19.00 price target.
JP Morgan noted, “We are initiating coverage of WhiteWave Foods with an Overweight rating and $19 December 2013 price target. We believe WhiteWave is one of the best-positioned companies in our coverage in terms of category attractiveness and earnings growth potential. Based on our bottom-up analysis of each brand, we see sustainable high single-digit sales and low double-digit earnings growth, and given the attractive valuation versus other high-growth food stocks, we think WWAV will outperform the group over the next year.”
WhiteWave Foods closed on Tuesday at $15.64.
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