Lamb Weston initiated with a Market Perform at Bernstein

Bernstein initiated coverage of Lamb Weston (LW) with a Market Perform rating and $85 price target The firm notes that the company’s executional issues like the botched ERP implementation, which led to involuntary customer losses, are now in the rearview mirror and will create easy comparables over the coming quarters. On the other hand however, it could take some time for the industry-wide supply-demand imbalance to normalize as competitors bring 4%-5% more global capacity online over the next two years, the analyst tells investors in a research note.