Already a Bloomberg.com user?
Sign in with the same account.
American Italian Pasta (PLB
) Banc of America downgraded to buy from strong buy.
Analyst William Leach says his downgrade was due to recent price strength. He says shares have outperformed almost 40% over the past six months, almost 30% year to date. He notes at current prices shares now are valued at 23 times his 2002 estimate, a 14% premium to S&P, and a 19% premium to its food group. Leach maintains his $2.13 2002 (Sept.) earnings per share estimate, and his $2.50 2003 estimate. He has a $56 target.