Pinnacle Foods upgraded to Outperform from Neutral at Credit Suisse Credit Suisse upgraded Pinnacle Foods (PF) based on the expected termination of the Hillshire (HSH) merger agreement. The analyst said Hillshire will pay a $163M termination fee to Pinnacle that will provide options for the company to create shareholder value through another take-on acquisition, look for another transitional acquisition or even explore a potential sale. Price target is $36.
Pinnacle Foods reports Q2 EPS excl-items 36c, consensus 35c Reports Q2 revenue $631.7M, consensus $628.17M. This growth reflected a 2.5% benefit from Gardein and higher net price realization of 1.3%, partially offset by lower volume/mix of 1.2%, driven by Easter timing, and unfavorable foreign currency translation of 0.3%.