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Fly News Breaks for February 13, 2019
TSN, SAFM
Feb 13, 2019 | 08:47 EDT
Jefferies analyst Akshay Jagdale expects chicken supply to increase ~3% in 2019 driven by incremental capacity, breeder flock expansion, and improved productivity. The analyst, in a research note titled "Don't Count Your Chickens Before They Hatch," says that although chicken demand has "seemingly improved" over the past month, he remains skeptical about its sustainability given the abundance of competing protein supplies expected again in 2019. Jagdale prefers to own diversified chicken processor Tyson Foods (TSN) "at this point in the cycle" and continues to believe Sanderson Farms (SAFM) is overvalued.
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