Jefferies cuts PT on some food companies over inflationary pressure

Vital Farms

16/09/2022 12:24

** Jefferies cuts PT of food companies B&G Foods Inc
 BGS.N , Nomad Foods Ltd  NOMD.N  and Vital Farms Inc  VITL.O 
on pressures from inflation 
    ** Says BGS might be pressured to increase promotions in the
coming months, and that EBITDA recovery back to levels of fiscal
2020 or 2021 is not likely until 2024; cuts PT to $20 from $23
    ** Jefferies lowers PT on UK-based NOMD to $23 from $26,
citing uncertainties related to supply and consumer response to
inflation
    ** Brokerage cuts PT on VITL to $20 from $23; VITL has a
median PT of $16, according to Refinitiv data   
    ** BGS has a median PT of $22, while it is $24.98 for NOMD
    ** YTD, BGS stock has fallen 35.4%, while NOMD fell ~32% and
VITL dropped ~33%

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com))