Lancaster Colony price target lowered to $226 from $237 at Loop Capital

Loop Capital lowered the firm’s price target on Lancaster Colony (LANC) to $226 from $237 but keeps a Buy rating on the shares. The analyst cites the company’s lighter than expected sales and earnings as EBIT margins missed the firm’s estimates due to transitory costs associated mainly with its recently completed production facility in Horse Cave, KY. Positively however, the company announced a new licensing agreement with Texas Roadhouse (TXRH) and plans to introduce steak sauces for the leading steakhouse dining chain into the retail channel in the spring of 2024, the firm tells investors in a research note.