TD Cowen raised the firm’s price target on Lamb Weston to $132 from $125 and keeps an Outperform rating on the shares. The firm noted they beat 2Q EPS and raised guidance even while absorbing a $71M write-off for excess potatoes that exceeded expectations. Cowen said the beat reinforces their thesis that the Street under-appreciates the gross margin tailwinds from the company’s pricing power and mix enhancements and its long-term growth potential.
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