Buckingham analyst Eric Larson maintained a Neutral rating and $138 price target on Sanderson Farms, representing about 7% downside from yesterday's close. Larson tells investors in a research note that while Sanderson has been the direct beneficiary of extended low grain prices and favorable meat protein S&D over the past six years, he is cautious in the near-term on the timing of ASF benefits to U.S. protein supplies and prices. The recent stock price strength now more closely reflects a reasonable valuation based on normalized earnings, Larson contends.