Jefferies Updating Numbers On Snyder's-Lance

According to Jefferies, Snyder's-Lance

numbers are updated. Jefferies said that the actions taken over the next few quarters will go a long way in determining the ultimate success of the merger and much of that pressure will fall on Carl Lee's shoulders as he utilizes years of experience in building DSD networks to convert Lance's corporate owned network to an independent operator model. “While it is very early, things look like they are off to a solid start. Our price target of $23/share represents ~18x our FY12 EPS estimate of $1.26, in line with its 3-yr average. Risks: execution combining/converting DSD networks, difficult macro backdrop, rapid re-acceleration of input prices, increased competitive industry dynamics and concentration risk with key customers.” Snyder's-Lance closed yesterday at $19.45.