Nomad Foods price target lowered to $18 from $20 at BTIG

BTIG lowered the firm’s price target on Nomad Foods (NOMD) to $18 from $20 and keeps a Buy rating on the shares. The firm is trimming its sales and earnings estimates for Nomad Foods following their recent conference presentation, a conversation with management, and European market developments, the analyst tells investors in a research note. The firm adds that its forecasts are modestly reduced for this year and next, owing to some market-specific dynamics that likely weigh on profitability this year, and fine-tuning the impact of A&P investment and incentive comp reset next year.