Nomad Foods price target lowered to $21 from $25 at Jefferies

Jefferies lowered the firm’s price target on Nomad Foods (NOMD) to $21 from $25 and keeps a Buy rating on the shares. The company missed the Q2 topline but beat on adjusted EBITDA and EPS, as weather-driven volume declines were offset by cost savings initiatives, the analyst tells investors in a research note. The firm said results were “disappointing,” but believes that underlying category demand remains advantaged versus those of some U.S. food peers, while free cash flow yield is still attractive.