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UPDATE: Stifel Downgrades Pinnacle Foods On News Of Hillshire Brands Purchase

In a report published Tuesday, Stifel analyst Christopher Growe downgraded the rating on Pinnacle Foods (NYSE: PF) from Buy to Hold, and removed the $31.00 price target.

In the report, Stifel noted, “Hillshire Brands (HSH-$35.76-Not Rated) has agreed to purchase Pinnacle Foods for $18 in cash and 0.5 shares of HSH per share of Pinnacle ($35.88 based on Monday's closing prices). With the Pinnacle share price pushing up to within 4% or so of the takeover value, we are moving to a Hold rating from Buy. We do not foresee a competitive bid emerging for Pinnacle and given the stock component of the proposed transaction, we think the risk profile has increased.”

Pinnacle Foods closed on Monday at $34.47.

Latest Ratings for PF

DateFirmActionFromTo
Aug 2014Stephens & Co.UpgradesEqualweightOverweight
Aug 2014Deutsche BankMaintainsHold
Jun 2014RBC CapitalUpgradesSector PerformOutperform

View More Analyst Ratings for PF
View the Latest Analyst Ratings

Posted-In: Christopher Growe StifelAnalyst Color Downgrades Analyst Ratings

 

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