Frozen potato products provider Lamb Weston (NYSE:LW) has reaffirmed its financial expectations for Fiscal Year 2024 and boosted its share repurchase authorization. Management is also expected to provide insights on its growth strategies at LW’s Investor Day later today.
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For Fiscal 2024, LW expects net sales to be in the range of $6.8 billion to $7 billion, while diluted EPS is anticipated to land between $5.47 and $5.92. In the long term, the company expects net sales growth to be in the low-to-mid-single digits on the back of higher volume and gains in price and mix. Further, the company expects its flexible capital structure and capital allocation approach to drive adjusted diluted EPS growth in the high single digits.
Additionally, LW has increased its share repurchase authorization to $500 million from the current $124 million remaining under the previous authorization.
Is LW a Good Buy?
Overall, the Street has a Strong Buy consensus rating on Lamb Weston. The average LW price target of $125.57 implies a substantial 30.3% potential upside.
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