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Fly News Breaks for May 18, 2015
CALM
May 18, 2015 | 07:16 EDT
Stephens transferred coverage of Cal-Maine with an Overweight rating and a $65 price target, which are up from the firm's prior Equal Weight rating and $37.50 target. The firm said it used a "rather conservative" multiple of 9x-10x its 2016 EPS estimate due to the issues relating to bird flu, which compares to a historical forward earnings multiple of 10x-12x for protein companies.
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