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Fly News Breaks for December 21, 2018
SAFM
Dec 21, 2018 | 07:19 EDT
JPMorgan analyst Ken Goldman reiterates an Underweight rating on Sanderson Farms with an $88 price target following yesterday's Q4 results. Acceleration in chicken industry capacity growth over the next two years is not fully reflected in the stock price, Goldman tells investors in a research note. With debt likely to keep rising and no indication that any processor is cutting back on supply, the shares are "still slightly expensive," adds the analyst. He models an additional 9% decline in Sanderson Farms' book value over the next two years.
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