Pinnacle Foods Coverage Initiated by Analysts at Morgan Stanley (PF)
Analysts at Morgan Stanley initiated coverage on shares of Pinnacle Foods (NYSE:PF) in a research report issued to clients and investors on Tuesday. The firm set an “equal weight” rating and a $32.00 price target on the stock. Morgan Stanley’s price target would suggest a potential upside of 1.85% from the company’s current price.
The analysts wrote, “We are resuming coverage of PF at Equal-weight with a 12-month PT of $32 ($36 prior) following the termination of the HSH merger agreement. We remain constructive on both Pinnacle’s solid recent execution and potential M&A, but see balanced risk-reward given long-term growth constraints.”
Pinnacle Foods (NYSE:PF) traded down 1.08% during mid-day trading on Tuesday, hitting $31.08. 184,901 shares of the company’s stock traded hands. Pinnacle Foods has a 52 week low of $24.19 and a 52 week high of $35.67. The stock has a 50-day moving average of $32.09 and a 200-day moving average of $29.83. The company has a market cap of $3.646 billion and a P/E ratio of 34.83.
Pinnacle Foods (NYSE:PF) last announced its earnings results on Wednesday, May 14th. The company reported $0.36 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.35 by $0.01. The company had revenue of $644.00 million for the quarter, compared to the consensus estimate of $649.30 million. During the same quarter in the prior year, the company posted $0.34 earnings per share. The company’s quarterly revenue was up 5.1% on a year-over-year basis. On average, analysts predict that Pinnacle Foods will post $1.74 earnings per share for the current fiscal year.
In other Pinnacle Foods news, EVP Antonio F. Fernandez sold 3,010 shares of Pinnacle Foods stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $30.76, for a total value of $92,587.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs initiated coverage on shares of Pinnacle Foods in a research note on Tuesday. They set a “neutral” rating and a $34.00 price target on the stock. Separately, analysts at RBC Capital upgraded shares of Pinnacle Foods from a “sector perform” rating to an “outperform” rating in a research note on Thursday, June 26th. They now have a $36.00 price target on the stock. Finally, analysts at Credit Suisse upgraded shares of Pinnacle Foods from a “neutral” rating to an “outperform” rating in a research note on Friday, June 13th. They now have a $36.00 price target on the stock. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $32.59.
Pinnacle Foods Inc is a manufacturer, marketer and distributor of branded food products in North America.
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