Lamb Weston price target lowered to $55 from $67 at BofA

BofA lowered the firm’s price target on Lamb Weston (LW) to $55 from $67 and keeps a Neutral rating on the shares. Q3 results should begin to show a benefit from new customer contract wins, but the firm lowers its multiple and target ahead of the report to reflect souring sentiment toward more discretionary focused items, like fries for restaurants, on recession fears.