UPDATE: Credit Suisse Reiterates on B&G Foods Following Disappointing FY14 Guidance

In a report published Thursday, Credit Suisse analyst Robert Moskow reiterated a Neutral rating on

, but lowered the price target from $35.00 to $31.00. In the report, Credit Suisse noted, “B&G Foods reported adjusted 4Q EPS of $0.39 that missed consensus by 5c. Adjusted full-year EBITDA of $184M fell $7M short of mid-point guidance for the year. While sales growth was ahead of expectations, higher than planned expenses in both cost of goods and SG&A accounted for the most of the miss. Increased volume over the past year and a half has strained warehouse facilities, but management expects this pressure to ease as they increase capex this year to $20M (up $5M from original guidance) to relocate two facilities in 1H.” B&G Foods closed on Wednesday at $30.69.