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Time to Pop in Some Sara Lee Shares
Sara Lee's(SLE Quote) earnings report was actually not as bad as first reported. If you back out some charges, the company actually beat EPS estimates by 2 cents. Sales rose 12 percent to $3.51 billion with the help of a weaker dollar and price increases.
Management is affirming 2009 earnings per share numbers of 90 cents to 98 cents per share. The company is currently trading at 14 times earnings, and has a 2.89% dividend yield, based on last night's closing stock price of $14.52.
We are upgrading the shares of Sara Lee to our Recommended list. We believe that rising commodity costs may start to dissipate, which would benefit profit margins, and more importantly, the shares of Sara Lee. ...
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