Gabelli Maintains Hold on HJ Heinz

Gabelli is out with its report today on HJ Heinz

, maintaining Hold. In its report, Gabelli writes, "Looking ahead, growth initiatives, such as new products, favorable price/mix, more efficient spending on discounts & allowances in Europe and acquisitions will drive top-line results, while productivity savings and pricing should offset the majority of raw material costs; however HNZ is again spending an additional $0.08/share behind project Keystone. Continue to Hold, as valuation reflects these positive trends and the stronger outlook for earnings growth. Heinz is currently trading at 9.8x 2012E EBITDA and 15.2x P/E. PMV of $74 per share based on fiscal 2013 estimates." At the time of posting, shares of HNZ were trading at $51.17, down 0.52% from Tuesday's close.