Morgan Stanley Reiterates Equal-Weight Rating on WhiteWave Foods Co. on Solid 4Q12 Results
In a report published Wednesday, Morgan Stanley reiterated its Equal-Weight rating on WhiteWave Foods Co. (NYSE: WWAV).
Morgan Stanley noted, “WWAV reported good results in 4Q12, with net Sales and EBIT growth of 12% and 20%, respectively, essentially in line with MSe of 12% and 23%. EPS of $0.18 exceeded our $0.17 estimate largely due to a lower than forecasted tax rate. We continue to hold a favorable view of WWAV's attractive growth profile, given its leading brands in expanding categories such as Plant-Based Beverages (PBB) and Coffee Creamers (mid-teens net sales growth in 4Q for both). However at ~24x 2013e EPS (~45% premium to the US Food group), and initial guidance in line with both consensus and our forecasts, we remain EW.”
WhiteWave Foods Co. closed on Tuesday at $16.41.
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