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UPDATE: Stifel Downgrades Pinnacle Foods On News Of Hillshire Brands Purchase

Earnings Scheduled For February 23, 2017
What It Will Take For Pinnacle Foods To Climb To The Top Of Its Peer Group?
Conagra interest in Pinnacle Foods speculated (Seeking Alpha)

In a report published Tuesday, Stifel analyst Christopher Growe downgraded the rating on Pinnacle Foods (NYSE: PF) from Buy to Hold, and removed the $31.00 price target.

In the report, Stifel noted, “Hillshire Brands (HSH-$35.76-Not Rated) has agreed to purchase Pinnacle Foods for $18 in cash and 0.5 shares of HSH per share of Pinnacle ($35.88 based on Monday's closing prices). With the Pinnacle share price pushing up to within 4% or so of the takeover value, we are moving to a Hold rating from Buy. We do not foresee a competitive bid emerging for Pinnacle and given the stock component of the proposed transaction, we think the risk profile has increased.”

Pinnacle Foods closed on Monday at $34.47.

Latest Ratings for PF

Feb 2017Deutsche BankInitiates Coverage OnBuy
Jan 2017William BlairInitiates Coverage OnOutperform
Jan 2017PiperJaffrayInitiates Coverage OnOverweight

View More Analyst Ratings for PF
View the Latest Analyst Ratings

Posted-In: Christopher Growe StifelAnalyst Color Downgrades Analyst Ratings


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