UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on SunOpta

In a report published Monday, Canaccord Genuity reiterated its Buy rating on SunOpta (NASDAQ: STKL), and slightly raised its price target from $7.50 to $8.50.

Canaccord Genuity noted, “We continue to believe that SunOpta's focus on natural and organic products will deliver favorable growth with earnings further benefitting from a refocusing on its core food platforms. California's Prop 37 ballot initiative requiring the labeling of genetically modified foods looks likely to pass as a recent poll shows Californians support the measure roughly 3 to 1. SunOpta is best positioned to see an almost immediate business acceleration as we expect the food industry to respond with attempts to reformulate some of its offerings as non-GMO in order to avoid mandatory labeling.”

SunOpta closed on Friday at $6.69.