Gabelli Maintains Hold on HJ Heinz

Gabelli is out with its report today on HJ Heinz HNZ, 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.