Piper Jaffray Maintains Neutral on B&G Foods

Piper Jaffray is out with its report today on B&G Foods

, maintaining Neutral. In a note to clients, Piper Jaffray writes, "In 2010, BGS benefitted by 200bps from lower product costs, which we believe will be difficult to anniversary given the current inflation in non-discretionary categories as well as discretionary purchases. We note gross margins on a trailing twelve month basis at the end of Q1 were 310 basis points above the average of the last 29 quarters. Given the current valuation compared to its historical multiple, we believe shares are fairly valued and remain Neutral at this point." Piper Jaffray maintains a $20 PT on BGS. Shares of BGS closed Monday at $20.73, down 1.80% from Friday's close.