Turnaround Ahead of Schedule at Snyder's-Lance; Shares a Touch Rich
We plan a high-single-digit increase for our $32.50 per share valuation for no-moat Snyder's-Lance after it posted strong quarterly results that indicate its turnaround is ahead of schedule. While we expect to lift our fiscal 2018-20 outlook, our long-term targets, calling for 3% top-line growth and low-teens adjusted operating margins, are intact. We see the shares as a touch rich; we suspect our more cautious view of the company's brand strength is the primary source of the discrepancy.In the...
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