B&G Foods price target lowered to $3 from $4 at TD Cowen

TD Cowen analyst Robert Moskow lowered the firm’s price target on B&G Foods to $3 from $4 and keeps a Sell rating on the shares. The firm notes management described Q2 as in line with internal expectations and lowered guidance for divestitures as opposed to the core business. Nonetheless, the core sales decline of -4.2% and EBITDA decline of -9% reinforced TD Cowen’s concerns about structural challenges in the portfolio, the risk of rising refinancing costs, and what looks like overly optimistic guidance for the second half of the year.