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H.J. Heinz (HNZ) PT Trimmed By Deutsche Bank, 'Buy' Maintained

 May 25, 2012 02:58 PM
 


(By Balaseshan) Deutsche Bank (DB) lowered its price target on shares of H.J. Heinz Co. (NYSE:HNZ) to $57 from $58, while maintaining its "Buy" rating.

Although Heinz lowered its long-term EPS growth outlook to 6%-9% given challenges in its North America operation and need to reinvest, the brokerage still sees the potential for value creation.

Such upside should come over the next few years as emerging markets, SAP learnings and European Union gains boost free cash flow. With a 3%-4% dividend yield and 1.7 times net debt/EBITDA, the brokerage sees minimal downside.

H. J. Heinz is engaged in manufacturing and marketing a range of food products throughout the world. The company's principal products include ketchup, condiments and sauces, frozen food, soups, beans and pasta meals, infant nutrition and other food products.

HNZ is trading down 0.24% at $53.42 on Friday.

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