B&G Foods shares are trading higher after the company reported better-than-expected Q4 financial results and issued FY24 revenue guidance. Also, Piper Sandler maintained an Underweight rating on the stock and raised its price target from $8 to $9.
Portfolio Pulse from Benzinga Newsdesk
B&G Foods' shares surged following the announcement of their Q4 financial results, which exceeded expectations. Additionally, the company provided positive revenue guidance for FY24. Despite this, Piper Sandler maintained an Underweight rating on B&G Foods but increased the price target from $8 to $9.
February 28, 2024 | 3:54 pm
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POSITIVE IMPACT
B&G Foods' stock experienced a positive movement due to better-than-expected Q4 results and favorable FY24 revenue guidance, despite an Underweight rating from Piper Sandler.
The positive movement in B&G Foods' stock is primarily due to the company's Q4 financial performance surpassing expectations and the optimistic revenue guidance for FY24. Although Piper Sandler maintained an Underweight rating, the increase in the price target from $8 to $9 indicates a slightly more positive outlook from the analyst, contributing to the stock's positive momentum.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100