Analyst Robert Dickerson of Jefferies reiterated a Buy rating on Nomad Foods (NOMD – Research Report), with a price target of $22.00.
Robert Dickerson’s Buy rating on Nomad Foods Limited (NOMD) is based on a number of key factors. Firstly, he has taken into consideration the Q3 results and investor meetings with CFO Samy Zekhout, which have strengthened his conviction in the company’s potential. He also expects to see volume growth in the first and second quarters of the next year, boosted by decreasing costs and strategic pricing, in turn positively impacting the gross margin.
Additionally, Dickerson views the company’s buyback activity coupled with the new dividend as an attractive feature. He also highlights the 20% EV/EBITDA discount compared to the 5-year average, which he believes makes for a good entry point for potential investors. In light of these factors, Dickerson has reiterated his Buy recommendation for Nomad Foods Limited.
Dickerson covers the Consumer Defensive sector, focusing on stocks such as JM Smucker, Lamb Weston Holdings, and Campbell Soup. According to TipRanks, Dickerson has an average return of 1.2% and a 56.93% success rate on recommended stocks.
In another report released on November 10, Mizuho Securities also maintained a Buy rating on the stock with a $24.00 price target.
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Nomad Foods (NOMD) Company Description:
Nomad Foods Ltd. operates as a holding company, which manufactures and sells frozen foods for human consumption. It offers its products under the brands LUTOSA, la Cocinera, Birds Eye, Iglo, and Findus. The company was founded by Noam Gottesman and Martin E. Franklin in April 2014 and is headquartered in Middlesex, the United Kingdom.
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