UPDATE: Bank of America Upgrades Treehouse Foods to Buy, Raises PT as Coverage is Transferred

In a report published Monday, Bank of America analyst Evan Morris upgraded the rating on

from Underperform to Buy, and raised the price target from $73.00 to $100.00. In the report, Bank of America noted, “We are upgrading THS to a Buy from underperform. THS, a leading private label food and beverage manufacturer, fits well with our ‘optionality' theme as we believe it offers above average growth along with potential upside from future M&A. Base business growth should accelerate and we expect THS to continue to be a leader in consolidating the fragmented private label industry, which would likely provide upside to our estimates. Our $100 price objective represents 22x our F16 EPS estimate and 12x our EBITDA estimate.” Treehouse Foods closed on Friday at $84.47.