UPDATE: Goldman Sachs Upgrades H.J. Heinz Company to Neutral on Increased M&A Probability

Loading...
Loading...
Goldman Sachs upgraded H.J. Heinz Company
HNZ
from Sell to Neutral and raised the price target from $53.00 to $61.00. Goldman Sachs commented, "On February 14, HNZ announced it has agreed to be acquired by an investment consortium comprised of Berkshire Hathaway and 3G Capital for $72.50/share, in a transaction valued at $28 bn including the assumption of HNZ's outstanding debt. The proposed deal values HNZ at a 13.4X multiple on our NTM EBITDA of $2.1 bn. The transaction is subject to shareholder and regulatory approval and is expected to close in calendar 3Q12. We are upgrading HNZ to Neutral (from Sell) given the increased likelihood of M&A following the proposal." H.J. Heinz Company closed at $72.50 on Thursday.
Posted In: Analyst ColorUpgradesAnalyst RatingsGoldman Sachs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...