Piper upgrades B&G Foods to Neutral on less risk post selloff

Piper Sandler upgraded B&G Foods to Neutral from Underweight with an unchanged price target of $9. The analyst believes downside risk “looks more modest” at current valuation levels. B&G is considering the sale of its Frozen & Vegetables segment, which is close to 20% of its revenues and 10% of its EBITDA, the analyst tells investors in a research note. The firm does not see risk to the dividend from a divestiture at a price within reasonable likely expectations. Piper thinks the recent selloff in the shares “now mitigates downside risk.”