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TSN

Tyson Foods

$67.75

-6.63 (-8.91%)

07:20
10/10/16
10/10
07:20
10/10/16
07:20

Tyson Foods upgraded to Buy from Outperform at CLSA

CLSA analyst Jeremy Scott upgraded Tyson Foods to Buy and increased its price target to $86 from $85 saying the class action suit is baseless and lacks any victims. Scott said the case is flawed because it lacks evidence, misrepresents the consequences, badly confuses game theory with collusion. He notes the wholesale broiler composite has averaged 70c/lb over the past 12 months, down 1% from the 2008 level of 71s, compared to beef, up 40% and pork up 20%. Scott recommends investors take advantage of the unsubstantiated noise and buy shares.

TSN Tyson Foods
$67.75

-6.63 (-8.91%)

10/07/16
PIVT
10/07/16
DOWNGRADE
PIVT
Sell
Tyson Foods downgraded to Sell from Hold at Pivotal Research
Pivotal analyst Timothy Ramey downgraded Tyson Foods to Sell and slashed his price target to $40 from $100 due to the broiler price-fixing alleged in the class action complaint filed on September 2. Ramey said the complain alleges supply collusion occurred through nonpublic data exchange; detailed industry reports compiled on a daily or weekly basis by Agri Stats. Supposedly, the data has telling clues as to the identity of the other industry participants, making it is easy for the industry to collude on production cuts since they provide non-public information to Agri Stats on future production intentions. The analyst wondered why margins improved dramatically over the past seven years in a historically undisciplined industry. Ramey believes the class-action suit has merit and will lead to intense scrutiny of the broiler industry and questions the sustainability of chicken margins. He expects Tyson shares will be pressured until this complex issue is resolved and damages could be very substantial.
10/07/16
10/07/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Tyson Foods (TSN) downgraded to Sell from Hold at Pivotal Research with analyst Timothy Ramey citing the broiler price-fixing alleged in the class action complaint filed on September 2. 2. SolarEdge (SEDG) was downgraded to Sell from Neutral at Goldman while the firm also downgraded First Solar (FSLR) to Neutral from Buy. 3. CIT Group (CIT) downgraded to Hold from Buy at Stifel with analyst Christopher Brendler saying investors should sell into the rally that will result from the "impressive" price that the company received for its aircraft business and the approval of its capital plan by the Fed. 4. Fifth Third (FITB) downgraded to Hold from Buy at Jefferies with analyst Ken Usdin saying the shares are reasonably valued following the recent rally. 5. Blackhawk (HAWK) downgraded to Neutral from Buy at BofA/Merrill with analyst David Chu saying the firm's channel checks indicate that conversions to EMV, the new standard for chip-based debit/credit card transactions, are taking longer than expected, which he believes could impact Blackhawk's 2016 guidance and expectations for 2017. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/07/16
JEFF
10/07/16
NO CHANGE
JEFF
Tyson Foods price fixing allegations 'unfounded,' says Jefferies
10/07/16
JEFF
10/07/16
NO CHANGE
JEFF
Follow-up: Tyson Foods price fixing allegations 'unfounded,' says Jefferies
Jefferies analyst Akshay Jagdale believes weakness in Tyson shares due to price fixing allegations is overdone. The analyst sees no evidence of consumers being harmed by price fixing and believes chicken prices and the industry is highly competitive and consumers have benefited from this. His analysis of the industry indicates historical chicken price movements can be explained by fundamentals and price discovery is relatively transparent.

TODAY'S FREE FLY STORIES

PG

Procter & Gamble

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$NYE

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CLR

Continental Resources

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0.63 (1.14%)

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LQ

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, WYN

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LQ

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  • 14

    Feb

AAPL

Apple

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-0.8 (-0.45%)

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  • 01

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4-Week Bill Announcement Offering Amount data reported »

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ZIOP

Ziopharm

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-0.08 (-1.83%)

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LQ

La Quinta

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0.17 (0.84%)

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NWBI

Northwest Bancshares

$17.09

0.24 (1.42%)

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Northwest Bancshares reports Q4 EPS 22c, consensus 22c »

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AKS

AK Steel

$6.10

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  • 30

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XLU

Utilities SPDR

$50.47

0.48 (0.96%)

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Renewed interest in SPDR Utility Fund Mar 49 puts »

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NWBI

Northwest Bancshares

$17.09

0.24 (1.42%)

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BCS

Barclays

$11.61

0.4715 (4.23%)

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ALGN

Align Technology

$269.46

-1.24 (-0.46%)

10:55
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Options
Align Technology put volume heavy and directionally bearish »

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  • 30

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HPQ

HP Inc.

$23.78

0.075 (0.32%)

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Conference/Events
HP Inc. to hold a webcast »

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  • 22

    Jan

DXCM

Dexcom

$56.05

-0.23 (-0.41%)

, MDT

Medtronic

$85.75

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DXCM

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MDT

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PODD

Insulet

$75.18

2.29 (3.14%)

TNDM

TNDM

ABT

Abbott

$59.07

-0.24 (-0.40%)

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  • 24

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  • 01

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IBCP

Independent Bank

$23.85

0.25 (1.06%)

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  • 30

    Jan

FCAU

Fiat Chrysler

$24.07

0.14 (0.59%)

10:45
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Options
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TEVA

Teva

$20.77

0.07 (0.34%)

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NJR

New Jersey Resources

$39.10

0.15 (0.39%)

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  • 24

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ANF

Abercrombie & Fitch

$21.73

1.81 (9.09%)

, AEO

American Eagle

$18.65

0.225 (1.22%)

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AEO

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