B&G Foods, Mondelez rise after Jefferies lifts price targets

B&G Foods

17/01/2023 15:17

(Updates)
    ** Shares of frozen and canned food maker B&G Foods Inc
 BGS.N  up 4.4% at $14.46 
        ** Jefferies increases stock PT by $2 to $13 given
recently improved tracked channel trends
  
        ** Brokerage also lifts PT on Oreo maker Mondelez
International Inc  MDLZ.O  by $2 to $77
  
        ** It tweaks MDLZ forecasts higher given improved
exchange rates; MDLZ shares up marginally at $67.34 
  
    ** Jefferies also raises PT on Philadelphia Cream Cheese
maker Kraft Heinz Co  KHC.O  to $45 from $39; shares up
marginally in morning trade
    ** Says it is increasing FY 2023 and FY 2024 EBITDA
forecasts by ~1% for each year, given ongoing margin recovery
potential 
    ** "Q4 2022 U.S. scanned trends remain strong," Jefferies
says adding year-over-year volumes are running at a
low-single-digit decline off ~14% pricing, positioning KHC for
healthy top-line performance 
    ** With limited elasticity volatility seen so far, main
questions for us for 2023 include pace of gross margin recovery
potential, upstream supply chain improvement probability, and
timing of overall share correction - brokerage
    ** Shares of KHC rose 13.3% in 2022, while MDLZ rose ~1% and
BGS fell ~64%
 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth))