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Fly News Breaks for May 24, 2017
JBSAY, PPC
May 24, 2017 | 09:07 EDT
Stephens analyst Farha Aslam notes that shares of Brazilian meat company JBS (JBSAY), which owns 78.5% of Pilgrim's Pride (PPC), have plunged on news regarding bribes paid to government officials in exchange for favorable loans and concerns about JBS have weighed on Pilgrim's Pride shares as well. However, she views the weakness in Pilgrim's as a buying opportunity, as the need for a fire sale is unlikely and the company's fundamentals are "excellent." Aslam keeps an Overweight rating and $35 price target on Pilgrim's Pride shares.
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