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

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UPDATE: Stifel Nicolaus Terminates Coverage on H.J. Heinz Company Following Acquisition

Goldman Sachs upgraded H.J. Heinz Company (NYSE: 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.

Latest Ratings for HNZ

DateFirmActionFromTo
Jun 2013Deutsche BankSuspendsHold
Mar 2013Argus ResearchDowngradesBuySell
Feb 2013CitigroupDowngradesBuyNeutral

View More Analyst Ratings for HNZ
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Upgrades Analyst Ratings

 

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