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Fly News Breaks for July 26, 2017
K, CPB, CAG, GIS, PF, HAIN
Jul 26, 2017 | 07:30 EDT
After hosting investor meetings with management, Jefferies analyst Akshay Jagdale performed additional work to quantify Hain Celestial's (HAIN) strategic value. The analyst believes there would be "significant strategic interest" in Hain and that management "is a willing seller" at the right price. A deal for Hain makes the most sense for Pinnacle Foods (PF), Jagdale tells investors in a research note. He analyzed five scenarios in which hypothetical strategic buyers acquire Hain for $70 per share. The organic and natural products company closed yesterday up 1c to $43.80. Jagdale estimates that by year three, the deal would be 8% accretive to Pinnacle's earnings, 4% to General Mills' (GIS) and Conagra Brands' (CAG), 1.4% to Campbell Soup's and dilutive to Kellogg's (K). The analyst sees limited downside to shares of Hain and keeps a Buy rating on the stock with a $50 price target.
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