Flowers Foods price target lowered to $20 from $23 at Truist

Truist lowered the firm’s price target on Flowers Foods (FLO) to $20 from $23 and keeps a Hold rating on the shares. The firm notes that Flowers Foods reported Q4 results with net sales below its estimates. There were no real surprises in the results/guidance, but it is tough to get excited about another year of tepid sales growth, Truist says. The firm does believe the company is well positioned for the continued decline of the white bread segment. However, white bread remains a large part of the overall business, and Truist believes at least low-single-digits top line growth is necessary to gain investor attention.