USA: Tucker Anthony Initiates Coverage of Galaxy Foods Company
Tucker Anthony today announced that it has initiated coverage of Galaxy Foods Company, a manufacturer and marketer of healthy dairy alternatives. Senior analyst Carole Buyers gives Galaxy stock (NASDAQ:GXY - news) a top rating of Strong Buy and has set a 12-month price target of $7. Galaxy is the latest addition to Tucker Anthony's expanding Healthy Lifestyles equity research coverage list. Based in Orlando, Florida, Galaxy's 85% market share of the small but rapidly growing alternative cheese market has set the stage for future expansion. "Galaxy's strategy, which involves increasing its penetration in the conventional grocery channel and realizing untapped foodservice opportunities, has the potential to expand the business ten-fold," said Ms. Buyers. In introducing a 12-month price target of $7, Ms. Buyers points out that the company is currently trading at a discount to its peer group. "Given that Galaxy is one of the faster growing companies in natural/organic food and beverage, we believe shares should trade at a slight premium to its peers, and thus our price target of $7. Further, the prospect of an acquisition by a conventional packaged food company could provide upside to our price target. Our implied acquisition valuation suggests a takeout price of $9-$11 per share."
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