Citi analyst Wendy Nicholson lowered the firm’s price target on Simply Good Foods to $46 from $50 and keeps a Buy rating on the shares. The company’s fiscal Q1 results were pressured by gross margin and interest headwinds, Nicholson tells investors in a research note. Gross margin is still expected to contract year-over-year in fiscal 2023 but Simply now expects slight year-over-year improvement in the second half following positive early signs in ingredient and packaging costs, says the analyst.
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