Goldman Sachs analyst Adam Samuelson upgraded Lamb Weston to Buy from Neutral with a price target of $127, up from $125. The firm sees recent underperformance providing an attractive entry point, with shares -15% and underperforming the S&P and XLP by 16% and 13%, respectively, despite stronger than-expected Q4 EPS in late July and an initial FY24 outlook that suggests a balance of risks skewed to the upside. With shares trading at inline to Food peers, Goldman sees an opportunity for outperformance as Lamb Weston’s idiosyncratic margin levers become more apparent, with the company’s upcoming 10/11 investor day a key catalyst to this effect.
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