Lamb Weston stock rallies after BofA analyst said it's time to buy, ahead of earnings report
Shares of Lamb Weston Holdings Inc. hiked up 2.4% in midday trading Monday, after BofA Securities analyst Bryan Spillane recommended investors buy ahead of earnings, as the frozen potato products seller is set to approach pre-COVID levels amid pent-up consumer demand for eating out. Spillane raised his rating to buy from neutral, while lifting his stock price target to $100 from $84.
Portions of Lamb Weston Holdings Inc. climbed up 2.4% in late morning exchanging Monday, after BofA Securities expert Bryan Spillane suggested financial backers purchase in front of income, as the frozen potato items vender is set to move toward pre-COVID levels in the midst of repressed shopper interest for eating out. Spillane raised his rating to purchase from unbiased, while lifting his stock value focus to $100 from $84. His objective presently best the rundown of most noteworthy focuses of the 8 investigators reviewed by FactSet.
"By and large café request is improving and we are seeing positive signs across speedy serve cafés (QSR) and foodservice administrators that could drive edge accretive income development for [Lamb Weston] heading into FY22," Spillane wrote in a note to customers. He said food wholesalers are adding staff fully expecting a solid bounce back in foodservice deals, which are set to speed up at request improves. The organization is required to report monetary second from last quarter results before Wednesday's initial chime. In monetary second quarter finished Nov. 29, foodservice deals fell 21% from a year prior while all out deals fell 12%. The stock has edged up 1.5% year to date, while the S&P 500 has acquired 8.6%.