Bank of America reiterated its Neutral rating on HJ Heinz HNZ but increased its price objective from $58 to $59.
Bank of America noted, "Key takeaways: 1) HNZ expects a significant ramp up in sales, particularly volumes, over F2H13 due to increased marketing and innovation. … We are raising our F13 EPS estimate from $3.47 to $3.53, primarily due to a lower
tax rate which is down from 22% to 20% ($0.09 p/s). We are lowering our operating profit forecast from $1.734bn to $1.713bn due to lower margins in NACP and Rest of World (ROW). We are forecasting 4.1% organic sales growth with a mix of 2.2% vol/mix and 1.9% pricing."
HJ Heinz closed at $57.62 on Wednesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in