Blue Buffalo Pet Products (BUFF) Stock Price Target Lowered at Deutsche Bank
NEW YORK (TheStreet) -- Deutsche Bank lowered its price target on Blue Buffalo Pet Products (BUFF) stock to $28 from $31. The firm maintained its "buy" rating on the stock.
After the market close on Thursday, the Wilson, CT-based pet food company reported third quarter earnings of 17 cents per share. Revenue increased by 10.5% year over year to $259 million.
Analysts surveyed by Zacks Investment Research were expecting the company to report earnings of 14 cents per share on revenue of $258.6 million.
"With base larger, competition intensifying, customer concentration significant and retailer inventory levels falling that is causing some investor angst, we believe the company's authentic, wholesome natural pet food and treat portfolio should continue to consolidate share as it innovates across categories, expands distribution in the US and extends the brand to international markets," Deutsche Bank said in an analyst note.
Additionally, Blue Buffalo raised its 2015 earnings outlook to 60 cents per share from 58 cents per share.
Shares of Blue Buffalo were up 5.38% to $18.02 on heavy trading volume on Friday. So far today, 4.37 million shares of Blue Buffalo have traded, versus the company's 30-day average of 1.38 million shares.
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