RBC Capital Sticks to Its Buy Rating for B&G Foods

By Ryan Adsit

In a report released yesterday, David Palmer from RBC Capital reiterated a Buy rating on B&G Foods (NYSE: BGS), with a price target of $52. The company’s shares closed yesterday at $40.35, close to its 52-week low of $38.60.

According to TipRanks.com, Palmer is a top 100 analyst with an average return of 12.1% and a 76.3% success rate. Palmer covers the Services sector, focusing on stocks such as Restaurant Brands International, Brinker International, and McDonald’s Corp.

B&G Foods has an analyst consensus of Moderate Buy, with a price target consensus of $46.25.

Based on B&G Foods’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $418 million and quarterly net profit of $32.76 million. In comparison, last year the company earned revenue of $353 million and had a net profit of $33.2 million.

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B&G Foods, Inc. manufactures, sells and distributes a diverse portfolio of shelf-stable foods and household products. Its products include frozen and canned vegetables, hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrup, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, puffed corn and rice snacks, nut clusters and other specialty products. The company was founded on November 25, 1996 and is headquartered in Parsippany, NJ.