Deutsche Bank initiated coverage on AdvancePierre Foods Holdings Inc (NYSE: APFH) with Buy Rating and $28 price target. The analysts forecast a 2016 EPS of $1.17 and increasing to $1.39 and $1.54 in 2017 and 2018, respectively.
The analysts believe management has taken a conservative approach despite growth targets at the high end of the peer set.
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"Its long-term outlook does not factor in the full potential of initiatives in the innovation pipeline and assumes relatively neutral pricing impact. We also feel that margin and productivity targets (1.5 percent of COGS) are relatively conservative and leave room for outperformance," wrote Deutsche Bank.
According to the analysts, solid top line potential, benign input cost environment, conservative financial targets, experienced management team, and M&A potential offset risks such as limited track record of success, foodservice focus, and relatively high debt leverage (4x).