DA Davidson analyst Brian Holland said Simply Good Foods' headline Q1 earnings miss and below consensus FY20 revenue guidance were exacerbated by cautious remarks about the overall competitive environment. However, he views the Q1 miss as "more noise than news," noted that the guidance was in-line with his expectations and said he is not concerned about inventory and the category backdrop. He thinks the market is being overly sensitive to commentary from what he said "has always been a conservative management team" and views the post-earnings pullback as a "compelling buying opportunity," Holland tells investors. He maintains a Buy rating on Simply Good shares with a $33 price target.