Post Holdings price target lowered to $117 from $120 at Wells Fargo

Wells Fargo lowered the firm’s price target on Post Holdings (POST) to $117 from $120 and keeps an Equal Weight rating on the shares. The firm is aggregating models across Beverage/Food/HPC and updating price targets. Wells notes that this is roughly in line with the current next twelve months trading EV/EBITDA, but just below the 3/5 year historical averages of 9.9-times/10.2-times due to category headwinds and leverage exposure.