Analyst Note
| Rebecca Scheuneman, CFA |Narrow-moat Hostess’ second-quarter results came in largely as expected, and we don’t anticipate a material change to our $23.50 fair value estimate, leaving shares fully valued. Although management increased full-year 2022 sales guidance to at least 15% growth from at least 12% growth previously, we plan to maintain our outlook, which already calls for a 15% bump in the top line.