UPDATE: Morgan Stanley Resumes Coverage On Pinnacle Foods Following HSH Merger Termination
In a report published Tuesday, Morgan Stanley analyst Matthew Grainger resumed coverage on Pinnacle Foods (NYSE: PF) with an Equal-Weight rating and $32.00 price target, down from $36.00.
In the report, Morgan Stanley noted, “We are resuming coverage of PF at Equal-weight with a 12-month PT of $32 ($36 prior) following the termination of the HSH merger agreement. We remain constructive on both Pinnacle's solid recent execution and potential M&A, but see balanced risk-reward given long-term growth constraints.”
Pinnacle Foods closed on Tuesday at $31.42.
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