BTIG Asserts ‘Buy’ Stance on Nomad Foods Ltd (NOMD) Despite Price Target Cut

Nomad Foods Ltd (NYSE:NOMD) is one of the best FMCG stocks to invest in. On September 17, BTIG reiterated a ‘Buy’ rating on the stock but cut the price target to $18 from $20. The research firm lowered its price target, concerned by the headwinds the company faces, especially in European markets.

BTIG Asserts ‘Buy’ Stance on Nomad Foods Ltd (NOMD) Despite Price Target Cut

BTIG also lowered its sales and earnings estimates for the stock, concerned that market-specific dynamics will weigh on profitability. Additionally, the company is starting to assess the impact of a reset in advertising and promotion investment, expected next year.

Nevertheless, the research firm insists the stock remains cheap at current levels with realistic medium-term cash flow and margin opportunities. Nomad Foods delivered earnings per share of $0.40 for its second quarter, beating consensus estimates of $0.38 a share.

Nomad Foods Ltd (NYSE:NOMD) is Europe’s largest frozen food company, owning and distributing a portfolio of leading brands, including Birds Eye, Findus, and igloo. It manufactures and sells a variety of frozen food products, including fish, vegetables, and ready meals, with iconic brands that have been a part of consumers’ meals for generations.

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Disclosure: None. This article is originally published at Insider Monkey.