BofA cut the company’s interest rate price target on Lamb Weston (LW) from $83 to $67 and maintains a neutral rating on the stock. Global competition for chips has intensified, with new competition fueled by attractive category growth and Lamb Weston’s financial profile, the analyst tells investors. Noting that second quarter results disappointed “across the board,” the company said the company’s new CEO “has wood to chop” and understands investor concerns that an external replacement has not been brought in given the “ seriousness of the problems currently occurring.”
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