B&G Foods falls as Piper Sandler downgrades to 'underweight'

B&G Foods

04/10/2023 10:30

** B&G Foods' shares  BGS.N  fall 4.5% to $9.05 in premarket
trading
    ** Piper Sandler downgrades the frozen and canned foods
maker to "underweight" from "neutral"
    ** Slashes PT to street-low of $8 from $14; new price target
represents nearly 16% downside to stock's last close
    ** Brokerage says co's U.S. measured retail sales trends are
running behind expectations for third quarter
    ** Notes sustained volume declines pose risk to trade
inventories
    ** Trims FY23 EPS estimates to $0.94/shr from $1.05/shr
    ** Four of seven brokerages rate the stock "hold" and three
"sell"; their median PT is $14 - LSEG data
    ** Up to Tuesday's close, stock had fallen ~15% YTD

 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com
https://twitter.com/ShristiAchar;))