BB&T sees value below the surface at Diamond Foods

Shares of Diamond Foods (DMND +10.4%) trade higher after this morning's BB&T upgrade.

The rationale behind the bullish call: It's just a matter of time before the company gets past overhangs from Oaktree and from its 2011 walnut accounting fiasco.

"Once accomplished, investors will be left with an attractive, instituted cost savings program, improving margins, and in our opinion, a potential takeout candidate," BB&T says.

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