Goldman Sachs upgraded Nomad Foods to Buy from Neutral with a $21 price target following its Q4 results and the accompanying reset of expectations. As the firm had anticipated, management issued a below consensus EPS outlook which Goldman welcomes as a clearing event. The firm believes estimates have now bottomed and believes its robust sales momentum has the potential to flow through to higher EPS through the year, even after contemplating higher re-investments and interest expenses. With potential upward revisions on horizon, Goldman sees Nomad’s near-trough valuation levels, both in context of its history and relative to broader Food peers as an attractive investment opportunity with favorable risk-reward ahead.
Published first on TheFly
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Read More on NOMD:
- Nomad Foods price target lowered to $21 from $24 at Deutsche Bank
- Nomad Foods sees 2023 adjusted EPS EUR1.50-EUR1.55 vs. EUR1.43 a year ago
- Nomad Foods Reports Fourth Quarter and Full Year 2022 Financial Results
- Nomad Foods reports Q4 adjusted EPS EUR0.33 vs. EUR0.33 a year ago
- Nomad Foods price target lowered to $24 from $25 at Deutsche Bank
