As previously reported, SunTrust analyst William Chappell upgraded TreeHouse to Buy from Hold and raised his price target to $70 from $55. The analyst cites a more favorable backdrop for packaged food than he observed in years as well as the strong potential for the company to improve earnings as its CEO enters his 2nd year on the job. Chappell also believes that the 9.6-times enterprise value to expected FY20 EBITDA valuation multiple on TreeHouse remains attractive relative to 11.0-times average multiple of peers and based on its historical range.