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TWNK

Hostess Brands

$13.44

-0.12 (-0.88%)

06:02
12/02/19
12/02
06:02
12/02/19
06:02

Hostess Brands to acquire Voortman for approximately $320M in cash

Hostess Brands and Voortman Cookies announced that they have executed an agreement under which Hostess will acquire Voortman, a leading and rapidly growing manufacturer of premium, branded wafers as well as sugar-free and specialty cookies, from Swander Pace Capital for approximately $320M in cash, including a customary working capital adjustment, representing a post-synergy 9.1x1 EBITDA transaction multiple. The transaction has been unanimously approved by the Hostess board of directors. Hostess expects to close the transaction in early January 2020, subject to customary closing conditions. Under the terms of the transaction agreement, Voortman will become a wholly owned subsidiary of Hostess. The company intends to finance the $320M transaction by using cash on its balance sheet, along with secured financing commitments from Credit Suisse and Citi. Net leverage immediately following the transaction is expected to be approximately 4.5x and be reduced to around 4.0x by the end of 2020. Hostess has a strong track record of reducing its net leverage and it remains committed to deleveraging quickly via organic growth and subsequent free cash flow generation. The transaction is expected to close in early January 2020, subject to customary closing conditions.

TWNK Hostess Brands
$13.44

-0.12 (-0.88%)

06/19/19
DADA
06/19/19
INITIATION
Target $16
DADA
Buy
DA Davidson starts Hostess Brands with Buy rating, $16 price target
DA Davidson analyst Brian Holland initiated coverage of Hostess Brands with a Buy rating and $16 price target. Recent headwinds from the leadership turnover, dilutive acquisitions, and lower mass channel promotional support are now largely behind the company, Holland tells investors in a research note. Further, these have created achievable expectations over the next two years, adds the analyst.
06/24/19
UBSW
06/24/19
UPGRADE
Target $17
UBSW
Buy
Hostess Brands upgraded to Buy from Neutral at UBS
UBS analyst Steven Strycula upgraded Hostess Brands to Buy from Neutral and raised his price target on the shares to $17 from $14, citing three catalysts he sees. Sales trends are accelerating, according to Nielsen data, the recent acquisition of a Chicago Bakery facility brings Hostess new production capability in breakfast categories and the company is on pace to generate $350M-$400M in free cash flow over three years, he stated.
06/24/19
06/24/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. United Technologies (UTX) upgraded to Outperform from Market Perform at Cowen with analyst Cai von Rumohr citing the selloff in the shares after the Raytheon (RTN) merger announcement. 2. Deere (DE) and Agco (AGCO) upgraded to Buy from Hold at Jefferies. 3. Rent-A-Center (RCII) upgraded to Equal Weight from Underweight at Stephens with analyst Vincent Caintic citing what he sees as "massive potential" for third-party retailer Rent-To-Own, telling investors that he wouldn't want to be short any Rent-To-Own stock he covers as a result. 4. Hostess Brands (TWNK) upgraded to Buy from Neutral at UBS with Steven Strycula citing three catalysts he sees. 5. Dunkin' Brands (DNKN) upgraded to Outperform from Neutral at Wedbush with analyst Nick Steyan saying he believes Dunkin' U.S. is currently undergoing an inflection in same-store sales growth that is underappreciated by the Street. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/08/19
RHCO
08/08/19
NO CHANGE
Target $17
RHCO
Hold
Hostess Brands price target raised to $17 from $13 at SunTrust
SunTrust analyst William Chappell raised his price target on Hostess Brands to $17 after its Q2 earnings beat and maintained FY19 outlook in spite of the expected ISB divestiture in Q3. The analyst also notes that the company reached a 5-year high in market share but keeps his Hold rating, saying he prefers to see one more strong quarter before becoming "too excited".

TODAY'S FREE FLY STORIES

CONN

Conn's

$13.60

-6.91 (-33.69%)

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CRAI

CRA International

$52.81

0.41 (0.78%)

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LIVN

LivaNova

$79.89

-0.57 (-0.71%)

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PRFT

Perficient

$42.37

0.03 (0.07%)

04:55
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VGR

Vector Group

$13.04

0.3 (2.35%)

04:55
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DSX

Diana Shipping

$3.36

-0.015 (-0.45%)

04:55
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BCOV

Brightcove

$8.93

-0.28 (-3.04%)

04:55
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04:55
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Treasury Budget to be reported at 14:00 »

November Treasury Budget…

ACAD

Acadia

$46.25

-1.7 (-3.55%)

, AXSM

Axsome Therapeutics

$48.70

3.545 (7.85%)

04:55
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ACAD

Acadia

$46.25

-1.7 (-3.55%)

AXSM

Axsome Therapeutics

$48.70

3.545 (7.85%)

BHVN

Biohaven Pharmaceutical

$53.89

0.92 (1.74%)

DNLI

Denali Therapeutics

$18.15

-0.14 (-0.77%)

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QMCO

Quantum

$0.00

(0.00%)

04:55
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12/11
04:55
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04:55
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Quantum management to meet with B. Riley FBR »

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TCBK

TriCo Bancshares

$39.02

0.24 (0.62%)

04:55
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12/11
04:55
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DMTK

DermTech

$12.90

-1.56 (-10.79%)

04:55
12/11/19
12/11
04:55
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Conference/Events
DermTech management to meet with Lake Street »

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  • 11

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  • 12

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MIC

Macquarie Infrastructure

$42.82

-0.02 (-0.05%)

04:55
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12/11
04:55
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Conference/Events
Macquarie Infrastructure management to meet with Suntrust »

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SPAR

Spartan Motors

$17.68

-0.36 (-2.00%)

04:55
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LEA

Lear

$125.22

-0.425 (-0.34%)

04:55
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ALNA

Allena Pharmaceuticals

$2.00

0.02 (1.01%)

04:55
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CGC

Canopy Growth

$20.09

-1.17 (-5.50%)

04:55
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Canopy Growth management to meet with Cantor Fitzgerald »

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  • 11

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LNC

Lincoln National

$57.87

-0.04 (-0.07%)

04:55
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Lincoln National management to meet with Sandler O'Neill »

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  • 11

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RST

Rosetta Stone

$16.45

-0.025 (-0.15%)

04:55
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12/11
04:55
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  • 11

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  • 12

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IIPR

Innovative Industrial Properties

$74.04

1.215 (1.67%)

04:55
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04:55
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AVD

American Vanguard

$16.46

0.02 (0.12%)

04:55
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04:55
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American Vanguard management to meet with SunTrust »

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