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HRL

Hormel Foods

$34.94

-0.64 (-1.80%)

06:33
11/22/16
11/22
06:33
11/22/16
06:33

Hormel Foods sees FY17 EPS $1.68-$1.74, consensus $1.68

Sees FY17 organic sales growth of 5%, consensus $9.69B. "In fiscal 2017, we expect to generate organic sales growth consistent with our long-term goal of five percent coupled with mid-single-digits earnings growth," said CEO Snee. "Grocery Products is positioned to deliver an excellent year aided by the inclusion of JUSTIN'S specialty nut butters and contributions from branded products such as SKIPPY peanut butter and HERDEZ salsas. Jennie-O Turkey Store should benefit from favorable grain prices and increasing demand for JENNIE-O branded products. We anticipate continued low input costs for our value-added products in Refrigerated Foods in addition to positive momentum in both retail and foodservice channels." "We expect the International segment to show growth through increased exports and improved results from our China business," mentioned Snee. "Specialty Foods is expected to show year-over-year sales and earnings growth net of the Diamond Crystal Brands divestiture and will benefit from continued strong results from MUSCLE MILK protein products." "Taking all these factors into account and considering the previous three years of strong double-digit earnings increases, we would have expected our fiscal 2017 earnings guidance range to be $1.71 to $1.77 per share," commented Snee. "However, after excluding earnings from the Farmer John divestiture of approximately 3 cents per share, we are setting our fiscal 2017 earnings guidance range at $1.68 to $1.74 per share," Snee said.

  • 22

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HRL Hormel Foods
$34.94

-0.64 (-1.80%)

09/15/16
OPCO
09/15/16
INITIATION
Target $38
OPCO
Perform
Hormel Foods initiated with a Perform at Oppenheimer
Oppenheimer analyst Rupesh Parikh initiated Hormel Foods with a Perform rating and $38 price target.
09/16/16
EDJN
09/16/16
UPGRADE
EDJN
Buy
Hormel Foods upgraded to Buy from Hold at Edward Jones
09/16/16
09/16/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Wal-Mart (WMT) coverage assumed with an Outperform from Neutral at Credit Suisse with analyst Edward Kelly saying he is encouraged by Wal-Mart's return to traffic growth against a deteriorating staples retail environment and its aggressive U.S. investments to solidify its position in an evolving industry. 2. Clorox (CLX) upgraded to Overweight from Neutral at Atlantic Equities. 3. Comerica (CMA) upgraded to Conviction Buy from Neutral at Goldman with analyst Ryan Nash saying he sees upside to Comerica's current recently announced strategic plan to improve pre-tax returns by $230M. 4. Hormel Foods (HRL) upgraded to Buy from Hold at Edward Jones. 5. Micron (MU) upgraded to Buy from Neutral at Cleveland Research with analyst Kevin Rottinghaus saying Micron's execution has improved and progress in DRAM and NAND fundamentals over the past 2-3 months is sustainable into 2017. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/27/16
FBCO
09/27/16
NO CHANGE
Target $43
FBCO
Outperform
Hormel Foods added to US Focus List at Credit Suisse
Credit Suisse added Hormel Foods (HRL) to the US Focus List, replacing Kellogg (K). The firm Investment Policy Committee said analyst Rob Moskow's FY17 above consensus estimate reflects his view that the Street underestimates earnings momentum, is best positioned to capitalize on increased demand for convenient protein products and deflationary meat cost trends, higher margins from its mix to value-added products, and high short interest that will dissipate. Moskow rates Hormel an Outperform with a $43 price target.

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