Piper Jaffray Reiterates Overweight on B&G Foods (BGS)

Piper Jaffray is out with its report today on B&G Foods (NYSE: BGS), reiterating Overweight.

In a note to clients, Piper Jaffray states, "B&G Foods reported December quarter revenue and EPS well above expectations. Sales benefited from favorable volume growth and pricing. The outlook for the next year continues to improve and management execution remains impressive. Based on improving sales trends, we are again increasing forward estimates. In addition to strong sales, earnings and cash flow trends, B&G's dividend yield of 5.6% is icing on the cake. Leading brands continue to impress and our confidence in the B&G story is incrementally higher. We view BGS as the most compelling growth & income investment in our universe. Price target - $17 (15.7x CY12 EPS)."

Shares of BGS closed Tuesday at $15.02, up 0.13% from Monday's close.