Analyst Bill Chappell of Truist Financial maintained a Hold rating on Flowers Foods (FLO – Research Report), with a price target of $25.00.
Bill Chappell of Truist Financial has assigned a Hold rating to the Flowers Foods’ stock (FLO) due to a myriad of factors. Flowers Foods reported mixed results for 3Q23, with net sales falling short of consensus and Truist’s estimates. However, the adjusted earnings per share (EPS) exceeded both Truist’s and consensus estimates, indicating an unexpected positive outcome in terms of profitability.
Despite maintaining its adjusted EPS guidance, Flowers Foods lowered its sales and adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) forecasts for 2023. These adjustments suggest the company might face challenges in achieving its revenue and adjusted EBITDA targets in the next fiscal year. It is expected that the stock will open flat to down following the revised FY23 sales and adjusted EBITDA guidance, which further supports Chappell’s Hold rating.
In another report released today, Deutsche Bank also maintained a Hold rating on the stock with a $22.00 price target.
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Flowers Foods (FLO) Company Description:
Flowers Foods, Inc. engages in the manufacture and sale of bakery products. The firm offers bakery foods for retail and food service customers in the United States. Its brands include Nature’s Own, Dave’s Killer Bread, Canyon Bakehouse, Tastykake, and Merita. The company was founded by William Howard Flowers, Sr. and Joseph Hampton Flowers, Jr. in 1919 and is headquartered in Thomasville, GA.
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