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Fly News Breaks for February 24, 2017
HRL
Feb 24, 2017 | 09:14 EDT
After Hormel reported lower than expected Q1 EPS, BMO Capital analyst Kenneth Zaslow blames the miss on "weaker-than-expected turkey and to a lesser extent grocery profits." He says that the company reduced its guidance due to low turkey prices and high belly prices. However, the analyst says that the downturn in the stock was overdone and creates "a compelling opportunity" to buy one of the best food companies. He expects the company's revenue growth to accelerate and keeps a $25 price target and an Outperform rating on the shares.
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