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PF

Acquired by CAG

$55.20

-1.48 (-2.61%)

16:52
04/19/18
04/19
16:52
04/19/18
16:52

Pinnacle Foods up 7% to $59.06 after Jana Partners reports 9.1% stake in company

  • 03

    May

PF Acquired by CAG
$55.20

-1.48 (-2.61%)

01/29/18
JEFF
01/29/18
NO CHANGE
Target $44
JEFF
Buy
Jefferies sees Third Point pushing for Pinnacle sale, views Conagra as buyer
Dan Loeb's Third Point has acquired a stake in Pinnacle Foods (PF), according to a Reuters report late Friday, and Jefferies analyst Akshay Jagdale sees the activist pushing for a sale. Pinnacle is one of the best managed companies in the space, which means Third Point is unlikely to push for a management shake-up, Jagdale tells investors in a research note. He sees the activist pushing for a sale "given how ripe the Frozen category is for consolidation" and the fact that Pinnacle's size "limits its ability to be the acquirer of choice in the category." Conagra Brands (CAG) is one of the natural buyers and the deal would be "significantly" accretive, Jagdale contends. He assumes an $80 per share takeout price for Pinnacle. The stock closed Friday up $2.40 to $61.65. The analyst also believes Conagra's recent positive inflection in sales growth is sustainable. He raised his price target for Conagra shares to $44 from $40 and keeps a Buy rating on the name.
01/29/18
SPHN
01/29/18
NO CHANGE
Target $65
SPHN
Overweight
Conagra,Tyson could be Pinnacle buyers if Third Point pushes sale, says Stephens
Stephens analyst Farha Aslam noted that reports indicated that Dan Loeb's Third Point has taken a position in Pinnacle Foods (PF) and she believes an activist campaign would likely focus on a sale rather than management or operational changes. The analyst, who estimates Pinnacle could be valued at $67-$70 in an acquisition, views Conagra Brands (CAG) and Tyson Foods (TSN) as potential acquirers, noting that Pinnacle has been considered an acquisition target since Hillshire was bought by Tyson in 2014. Aslam keeps an Overweight rating and $65 price target on Pinnacle shares.
02/27/18
DBAB
02/27/18
NO CHANGE
Target $68
DBAB
Buy
Pinnacle Foods pullback brings buying opportunity, says Deutsche Bank
Deutsche Bank analyst Rob Dickerson believes the 10% pullback in shares of Pinnacle Foods over the past month provides a buying opportunity. The stock's risk/reward is "more attractive once again," as the takeout premium has been reduced, all while Pinnacle's standalone growth continues to outperform peers, Dickerson tells investors in a research note ahead of the company's Q4 results on Thursday. Further, activist involvement could likely increase the probability of a strategic event, the analyst contends. He's looking for organic sales to grow 4.3% year-over-year in Q4 amid benefits from higher shipments in Frozen, along with continued momentum in the Grocery and Boulder segments. Dickerson has a Buy rating on Pinnacle Foods with a $68 price target.
03/13/18
PIPR
03/13/18
INITIATION
Target $64
PIPR
Overweight
Pinnacle Foods assumed with an Overweight at Piper Jaffray
Piper Jaffray analyst Michael Lavery assumed coverage of Pinnacle Foods with an Overweight rating and $64 price target. The analyst expects continued "strong" EBIT growth, both organic and from acquisitions. He also believes scale in frozen food could be optimized, with potentially an acquirer or a target company.

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CAG

Conagra Brands

$21.58

0.34 (1.60%)

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UQM Technologies

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IBCP

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AL

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