Jefferies Has Buy Rating On Snyder's-Lance

Jefferies & Co. has a Buy rating and a $23 price target on shares of Snyder's-Lance, Inc.

. In a note to clients, Jefferies writes, "We hosted Snyder's-Lance on the West Coast late last week and came away quite bullish on the potential for EPS surprises in FY12 and beyond as a newly minted and likely highly motivated independent operator distribution network collides with a rejuvenated innovation pipeline. Yet, with the first distribution route conversions slated for later this month, it's clearly game time in the most challenging part of this merger." Shares of LNCE lost 6 cents on Friday to close at $20.82, a loss of 0.3%.