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Fly News Breaks for May 30, 2018
SAFM
May 30, 2018 | 08:22 EDT
In a research note titled "Still Too Many Chickens," Jefferies analyst Akshay Jagdale lowered his fiscal 2018 and 2019 earnings estimates for Sanderson Farms to over 20% below consensus. Chicken prices have plummeted on weaker demand and lower relative contribution from breast meat, Jagdale writes. While the analyst now expects lower supply in 2018 due to transitory productivity issues, he sees an "even greater oversupply situation owing to weaker demand." Jagdale keeps an Underperform rating on Sanderson Farms with a $77 price target.
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