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Fly News Breaks for November 8, 2018
FLO
Nov 8, 2018 | 12:14 EDT
As previously reported, Pivotal Research analyst Timothy Ramey double downgraded Flowers Foods to Sell from Buy and lowered his price target on shares to $16 from $24 following the company's Q3 earnings report. Ramey called the results "flat and ugly," noting that adjusted EPS was 4c lower than its estimate, and that sales fell 1.0% with both segments in decline. The analyst also noted that while Flowers Foods reiterated its FY18 sales guidance, it cut its FY18 adjusted EPS guidance to 90c-95c from $1.04-$1.16. Ramey believes he was "delusional to think Flowers could break out of its old ways," saying the quarter was "just awful," yet it mirrors the pattern of most of the past ten years of starting a year bullish and not following through.
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