I think getting to $35 could be a chore. FLO is trading at over 22X 2013 earnings, which is at the higher end of food companies. Most of the food companies are in the 16 - 18X range and they have also run up in price.
Also, yet to be seen how this Wonder Brad purchase will work out. It is going to take a lot of operating expense and probably some capital spending to get the bakeries up and running. I still hold the stock, but it is not as an attractive an investment after this run. Let us also see what they do with the dividend, which should come up for an increase. They have paid out the same amount for 4 quarters. Last years x-dividend date was June 13.
There have been 2 negative reports about the purchase. One said DOJ was reviewing the purchase and the second said yhe US District Attorney was objecting in court for several reasons. In some areas only Flowers and #$%$ would be competing. In others areas smaller regional bakeries would be up against 2 Goliaths. Will DOJ allow this. If a private equity firm had made the purchase, there would be at least 3 competitors in all areas. Just a thought.