Shares of Pinnacle Foods (PF) climbed more than 2% in Thursday midday trading after an investment firm boosted its rating for PF stock.
RBC Capital raised its rating for PF stock from “Sector Perform” to “Outperform.” RBC has set a price target of $36 per PF share, TheStreet notes.
The upgrade was based on RBC’s expectation that PF would sustain core growth higher than rivals as its resumes its acquisitions strategy.
In May, PF stock gained after rumors circulated that Hillshire Farms (HSH) might launch a takeover bid for the company.
PF stock closed at $32.35 on Wednesday.
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