Financial Wire

High Liner Foods Price Target Lowered to $15 at Raymond James

-- Raymond James lowered its price target on High Liner Foods Inc. (HLF.TO) to $15 from $17.

Analyst Michael Glen maintained a Market Perform rating on shares of the Canadian prepared and packaged frozen seafood company.

"We are making adjustments to our forecast to reflect a recent corporate update that included organizational changes," Glen said in a note to clients. "These changes were designed to reduce the company's cost structure given current market conditions."

"Regarding the outlook, F1Q results are projected to come in 'modestly below' the prior year period with earnings pressured by a combination of promotional intensity, rising input and commodity costs, and tighter supply conditions," the analyst said.

"As a result, the anticipated profitability recovery has shifted to 2H, with HLF still targeting overall adjusted EBITDA growth for the full year."

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