J.P. Morgan Reports On HNZ Market Presence In Asia/Pacific

J.P. Morgan has issued a report on Heinz's

market presence in the emerging markets of Asia/Pacific. According to the report, "We recently spent time with Chris Warmoth, the always entertaining and peripatetic head of Heinz's Asia/Pacific unit. Warmoth's is a tale of two worlds – the fast- growing emerging markets vs. the developed world of Australia and New Zealand. But while the latter remains depressed by soft markets and cutthroat retail pricing, the former, especially after the recent Foodstar acquisition, is among Heinz's brightest hopes for future growth. Heinz appears on track to boost its emerging market presence to 30% of sales, from the current 20%, a goal that will apparently include a few more deals." HNZ has an Overweight Rating and a $54 PT. HNZ traded at $48.97 at closing yesterday.