Why B&G Foods Stock Tasted Stale Today
Niche comestibles stock B&G Foods (NYSE: BGS) wasn't a choice item on any investor's plate Thursday afternoon. The company saw its share price slide by more than 7% on the day, a far worse performance than the slight decline recorded by the S&P 500 index. The culprit was a recommendation downgrade from an analyst tracking the stock.
That morning before market hours, Consumer Edge Research's Connor Rattigan changed his recommendation on B&G shares to underweight (sell, in other words) from the previous equalweight (neutral).
It wasn't immediately clear why Rattigan made his move, but he's not the only analyst finding his inner bear with B&G. In mid-November, his peer Nik Modi of RBC Capital enacted quite a drastic price target cut on the stock, slicing it to $16 per share; it was formerly $24.
Source Fool.com
