JP Morgan upgraded RFG last night., page-10

I'm trusting management to have paid a decent price. Why was it certainly not a bargain?

The positives to me:

1. Guidance confirmed that all acquisitions are outperforming.
2. The synergistic benefits to the coffee part of the company.
3. Global expansion potential (eg. China) - maybe RFG has more experience at franchising and master franchising.

I tried to buy more after the guidance confirmation, but didn't bid high enough to get any. I'm thinking we're in a better position now than when the Gloria Jeans acquisition was announced (guidance - outperforming acquisitions), but the share price is lower (better value).