UPDATE: Jefferies Raises PT on Kraft Foods Group on Best Operator Position
In a report published Monday, Jefferies analyst Thilo Wrede reiterated a Buy rating on Kraft Foods Group (NASDAQ: KRFT), and raised the price target from $52.00 to $60.00.
In the report, Wrede noted, “We continue to see KRFT as one of the best operators in the US packaged food industry. While the CY12-CY14 earnings growth is limited, it might accelerate at the tail end as restructuring costs are starting to decline. In addition, KRFT's industry leading 3.8% dividend yield should make the name attractive for investors looking for a fixed income alternative. We are reiterating our Buy rating with a new $60 PT.”
Kraft Foods Group closed on Friday at $53.11.
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