UPDATE: Oppenheimer Initiates Coverage On Amira Nature Foods On Still Undiscovered Natural/Organic Global Play

In a report published Wednesday, Oppenheimer analyst Rupesh Parikh initiated coverage on

with an Outperform rating and $20.00 price target. In the report, Oppenheimer noted, “We are initiating coverage of Amira Nature Foods Ltd. with an Outperform rating and $20 price target. ANFI is a leading player in the global Basmati rice market. We believe the company is very well positioned to generate at least mid-teens sales and EBITDA growth for the foreseeable future driven by distribution gains and consumption growth in the company's Basmati rice offering as well as new product introductions. We expect the market to award ANFI shares a higher multiple over time as investors become more familiar with the story and gain comfort with the management team. We see more than 50% upside over the next 12-18 months, which currently ranks amongst the highest of our Outperform-rated stocks.” Amira Natura Foods closed on Tuesday at $12.98.