UPDATE: Canaccord Genuity Initiates Annie's with Hold, $40 PT; Growing but Expensive

Canaccord Genuity initiates its coverage on Annie's BNNY with a Hold rating and a $40 price target. Canaccord Genuity says, "Initiating coverage with a HOLD rating and $40 price target, which reflects our enthusiasm for the growth and profit outlook balanced with our belief that the valuation is full and already reflects the favorable outlook. …The natural/organic sector is robust and Annie's opportunity to expand its brand into a multitude of additional categories should support attractive long-term growth." BNNY closed at $37.02 on Friday.