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UPDATE: KeyBanc Downgrades Bob Evans Farms to Hold, Removes PT

Related BOBE
Stephens & Co Downgrades Bob Evans Farms To Underweight, Shares Fall
Bob Evans Q4 Sales Down 2%; Swings To Net Loss

In a report published Friday, KeyBanc downgraded its rating on Bob Evans Farms (NASDAQ: BOBE) from Buy to Hold, and removed its $50.00 price target.

KeyBanc noted, “Downgrading Bob Evans Farms, Inc. (BOBE-NASDAQ) to HOLD from BUY. We continue to view BOBE's plan to reinvigorate Bob Evans Restaurants (BER) and grow BEF Foods division positively, but have less confidence that near-term performance will exceed investors' expectations. Our BUY thesis was the selling of Mimi's and continued growth of BEF Foods that would lead to upside to the FY14 EPS consensus estimate ($2.94 on January 3, 2013, but currently $2.77); however, the uncertainty of BEF Foods margin outlook causes us to recommend a HOLD, rather than buying at the current price.”

Bob Evans Farms closed on Thursday at $44.27.

Latest Ratings for BOBE

DateFirmActionFromTo
Aug 2014Stephens & Co.DowngradesEqual-weightUnderweight
Apr 2014CL KingDowngradesNeutralSell
Mar 2014Miler TabakUpgradesHold

View More Analyst Ratings for BOBE
View the Latest Analyst Ratings

Posted-In: KeyBancAnalyst Color Downgrades Analyst Ratings

 

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