Ralcorp Announces Multiple Acquisitions, BB&T Rates Buy (RAH, AIPC)

Ralcorp RAH announced it would acquire American Italian Pasta Company AIPC, as Benzinga reported earlier. Ralcorp is a maker of branded food products and is best known for its Post brand of cereals. Ralcorp also completed acquisitions of North American Baking Ltd. and J.T. Bakeries Inc., Canadian private label cracker producers. RAH expects 3Q10 EPS to be approximately $1.00, down from $1.30 in 3Q09 and well below the consensus of $1.29 and BB&T's estimate of $1.23. Ralcorp is currently rated Buy. BB&T's 12-month price target is $72, representing 26% upside from its current price of $57.28.