B&G Foods jumps on upbeat annual profit forecast

B&G Foods

01/03/2023 15:58

** Shares of frozen and canned foods maker B&G Foods Inc
 BGS.N  rise as much as 30% to $16.51 
    ** Stock last up ~26% and is set for best day since October
2008
    ** Co forecasts annual profit above Wall Street estimates,
helped by price hikes
    ** "Q4 sales volumes were relatively resilient against the
significant price increases to offset inflation," says CEO
Kenneth Keller
    ** Brokerage Piper Sandler raises PT on BGS to $15 from $12
    ** Piper says, "We believe BGS continues to face challenges,
but has easier comps in 2023"
    ** Co also beats Q4 revenue and profit estimates
    ** Stock has fallen ~7% in the past 12 months

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))