B&G Foods price target lowered to $8 from $9 at Piper Sandler

Piper Sandler analyst Michael Lavery lowered the firm’s price target on B&G Foods to $8 from $9 and keeps a Neutral rating on the shares. B&G Foods’ top-line momentum is weak, with sales down 4.1% in Q1, and its new debt issuance was timed to ensure new debt was in hand ahead of pay-down of revolver debt expected by December and to avoid potential market uncertainty that may come in an unpredictable election year, the analyst tells investors in a research note.