Pinnacle Foods sees Hillshire deal completed by September Says will not comment on pending transaction with Hillshire Brands (HSH). Expects productivity to outpace inflation for the year. Says faced industry growth challenges in Q1 driven by the late Easter and unusually tough weather. Expects specialty sales to remain under pressure, but sees specialty EBIT up for the full year. Sees inflation higher in 1H, productivity greater in 2H. Sees FY CapEx $120M-$130M. Comments made on the Q1 earnings conference call.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: CyrusOne (CONE) upgraded to Buy from Hold at Stifel... MGIC Investment (MTG) upgraded to Conviction Buy from Buy at Goldman... NuVasive (NUVA) upgraded to Outperform from Market Perform at Wells Fargo... Phillips 66 (PSX) upgraded to Outperform from Neutral at Credit Suisse... Pinnacle Foods (PF) upgraded to Buy from Hold at Deutsche Bank... Rayonier (RYN) upgraded to Outperform from Sector Perform at RBC Capital.. Thoratec (THOR) upgraded to Outperform from Market Perform at Wells Fargo... Volcano (VOLC) upgraded to Outperform from Neutral at Credit Suisse... Progressive Waste (BIN) upgraded to Neutral from Underperform at Macquarie... Clean Harbors (CLH) upgraded to Outperform from Neutral at Wedbush... McGraw Hill Financial (MHFI) upgraded to Buy from Hold at Benchmark Co... Chesapeake (CHK) upgraded to Outperform from Market Perform at Bernstein... American Science & Engineering (ASEI) upgraded to Fair Value from Sell at CRT Capital... Sony (SNE) upgraded to Overweight from Equal Weight at Morgan Stanley.
Pinnacle Foods upgraded to Buy from Hold at Deutsche Bank Deutsche Bank upgraded Pinnacle Foods to Buy citing market share gains and an improved balance sheet . The firm raised its price target for shares to $37 from $34.