FREE - Whole Earth Brands still seen as undervalue by Cantor Fitzgerald

Cantor Fitzgerald lowers expectations on Whole Earth Brands (FREE), while keeping an Overweight rating.Analyst Pablo Zuanic now sees 2021 EBITDA of $75M for FREE vs. $84M prior as he factors in public company incremental costs and cash bonuses.On the positive side, Zuanic notes that scanner data shared by Whole Earth management at the ICR conference is quite encouraging, with "52-week growth north of 50% at retail for Swerve and Whole Earth, with both brands’ ACV (measure of distribution coverage) still in the ~25% range vs. near 80% for peers."2022 EBITDA of $95M is now expected vs. $114M prior estimate and the firm's 12-month price target is lowered to $20 from $24, still well above the high of $11.80.Whole Earth Brands acquired Wholesale Sweeteners last month.

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Whole Earth Brands still seen as undervalue by Cantor Fitzgerald