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Fly News Breaks for September 13, 2018
HSY, BGS
Sep 13, 2018 | 09:25 EDT
Stephens analyst Farha Aslam said she expects shares of B&G Foods (BGS) to trade up following the announcement of a deal to sell Pirate Brands to Hershey (HSY) for $420M, given the multiple it received and its increased balance sheet flexibility. Pirate Brands is "on-trend," but was not a strong strategic fit for B&G, said Aslam, who reiterated her Overweight rating and $35 price target on the shares. In pre-market trading, B&G Foods shares are up about 2% to $32.60.
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