Lancaster Colony price target raised to $203 from $200 at Jefferies

Jefferies analyst Rob Dickerson raised the firm’s price target on Lancaster Colony (LANC) to $203 from $200 and keeps a Hold rating on the shares. U.S. at-home food prices have inflated by about 30% from 2019 and with pricing pulled forward several years, shopping behaviors having shifted, and category performance having varied, volume growth is crucial for more normalized topline growth, the analyst tells investors. When utilizing its multi-variable sales metric constraints, the firm finds WK Kellogg (KLG), Kellanova (K), Kraft Heinz (KHC) and McCormick (MKC) as those with the most volume risk among the group, the analyst noted. Based on the firm’s analysis, many salty/sweet snack, pet food, and toppings categories look best positioned with respect to price/volume risk, the analyst added.