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SAFM

Sanderson Farms

$100.90

-2.04 (-1.98%)

14:09
09/19/18
09/19
14:09
09/19/18
14:09

Sanderson Farms reports on impact to operations from Hurricane Florence

Sanderson Farms reported that it continues to assess damage to its North Carolina assets and live production infrastructure caused by Hurricane Florence. "The company is pleased to report that it has still received no report of serious injuries or loss of life among its employees and growers. However, many employees and growers have lost homes and property, and in some cases are being housed in shelters...While the company is pleased its employees and growers have remained safe, the company deeply regrets the loss of animals under its care. Although the company and family farmers who care for its chickens did everything possible to prevent the loss of birds, the unprecedented rainfall from Hurricane Florence caused serious flooding that affected the company's live grow out operations," Sanderson stated. As earlier reported, the Company did not experience any significant damage to either of its processing facilities, feed mill or hatcheries in North Carolina. The Kinston, North Carolina, processing plant resumed one shift of operations on Tuesday, September 18. The company will resume operations at its St. Pauls processing plant once it is safe for employees to navigate roads and highways. The company continues to assess the extent of damage to its independent contract farms and the loss of live birds. Current information indicates that 70 broiler houses out of 880 in North Carolina have flooded. Those farms housed 2.1M chickens. Of that number, 1.35M were in the company's St. Pauls, North Carolina, big bird deboning division, and 755,000 birds were associated with the Kinston, North Carolina, tray pack division. The company has been able to reach most of the farms previously isolated by flood waters to ensure adequate care and feed is available to the chickens on those farms. Electrical power continues to be restored at a steady pace, and the company believes power will be fully restored to all of its independent farms in short order.

  • 11

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SAFM Sanderson Farms
$100.90

-2.04 (-1.98%)

08/24/18
08/24/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Netflix (NFLX) upgraded to Buy from Hold at SunTrust with analyst Matthew Thornton saying the pullback after the Q2 subscriber miss was driven in part by the interest in World Cup viewing. 2. Sanderson Farms (SAFM) upgraded to Overweight from Equal Weight at Stephens with analyst Farha Aslam citing the company's Q3 results and saying she believes weak chicken fundamentals are now priced into the shares. 3. Children's Place (PLCE) upgraded to Buy from Neutral at Monness Crespi analyst Jim Chartier saying the modest sell-off in shares following strong Q2 results provides a buying opportunity. 4. Mylan (MYL) upgraded to Outperform from In Line at Evercore ISI. 5. Embraer (ERJ) upgraded to Hold from Underperform at Santander. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/24/18
SPHN
08/24/18
UPGRADE
Target $130
SPHN
Overweight
Stephens upgrades Sanderson to Overweight on 'compelling' risk/reward
Stephens analyst Farha Aslam upgraded Sanderson Farms to Overweight from Equal Weight and raised her price target for the shares to $130 from $105 following yesterday's Q3 results. The stock, trading near five-year lows on price-to-book, offers a "compelling" risk/reward as current levels, Aslam tells investors in a research note. The analyst believes weak chicken fundamentals are now priced into the shares.
08/24/18
SPHN
08/24/18
UPGRADE
SPHN
Overweight
Sanderson Farms upgraded to Overweight from Equal Weight at Stephens
07/30/18
JEFF
07/30/18
NO CHANGE
Target $77
JEFF
Underperform
Chicken prices have trended below expectations, says Jefferies
Jefferies analyst Akshay Jagdale says that chicken prices have trended below expectations owing to a further weakening of demand since his last chicken industry update. The analyst attributes the demand weakness to an increase in availability of competing proteins and to a lesser extent lower exports amid trade war concerns. He expects "demand to remain weak and supply growth to pick up." As such, Jagdale lowered his estimates for Sanderson Farms (SAFM), Pilgrim's Pride (PPC) and Tyson Foods (TSN). The analyst keeps an Underperform rating on Sanderson with a $77 price target, Buy rating on Tyson with an $85 price target, and Holding rating on Pilgrim's with a reduced price target of $19.

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