Bloomberg "Anywhere" Remote Login Bloomberg "Terminal" Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Merrill Downgrades Tasty Baking Rating


Merrill Lynch downgraded Tasty Baking (TBC) to near tern neutral from buy and long term buy from strong buy.

Analyst Leonard Teitelbaum says the reasons sighted by Tasty Baking center around competition, and he has no reason to doubt the company. He notes route sales are expected to be particularly soft and that the company's current estimates suggest a range of $0.21-$0.24 for the second quarter, whereas he had a $0.27 estimate but he now thinks $0.22 is doable. While easier comparison sales should be seen in the second half, he believes tough times will continue. Teitelbaum cut his $0.95 2002 earnings per share estimate to $0.85-$0.90, and keeps $1.10-1.15 2003 EPS. He thinks Tasty Baking should affiliate itself with another company.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus