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HRL

Hormel Foods

$40.44

0.06 (0.15%)

06:52
04/23/19
04/23
06:52
04/23/19
06:52

JPMorgan downgrades Hormel Foods to Underweight on rising pork costs

JPMorgan analyst Thomas Palmer downgraded Hormel Foods to Underweight from Neutral and lowered his price target for the shares to $36 from $40. Goldman Sachs this morning also downgraded the shares. Rising pork costs and worsening Jennie-O ground turkey brand distribution points could weigh on Hormel's earnings, Palmer tells investors in a research note. Hormel is heavily reliant upon pork as an input for its products, and the company will likely be able to fully offset these cost increases through pricing, Palmer tells investors in a research note. African swine fever in China could result in an extended period of elevated pork pricing in the U.S., he contends.

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HRL Hormel Foods
$40.44

0.06 (0.15%)

03/04/19
SPHN
03/04/19
INITIATION
Target $42
SPHN
Equal Weight
Hormel Foods initiated with an Equal Weight at Stephens
Stephens analyst Ben Bienvenu started Hormel Foods with an Equal Weight rating and $42 price target, stating that he likes the company's leadership position in its core product categories and "very consistent strategy," but he thinks the current valuation is "relatively full."
04/23/19
JPMS
04/23/19
DOWNGRADE
Target $36
JPMS
Underweight
Hormel Foods downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Thomas Palmer downgraded Hormel Foods to Underweight from Neutral and lowered his price target for the shares to $36 from $40.
04/23/19
GSCO
04/23/19
DOWNGRADE
Target $35
GSCO
Sell
Hormel Foods downgraded to Sell from Neutral at Goldman Sachs
Goldman Sachs analyst Adam Samuelson downgraded Hormel Foods to Sell from Neutral and lowered his price target for the shares to $35 from $37. African swine fever is upending the protein markets, Samuelson tells investors in a research note. JPMorgan this morning also downgraded Hormel Foods to a sell-equivalent rating.
04/23/19
GSCO
04/23/19
DOWNGRADE
GSCO
Sell
Goldman downgrades Hormel to Sell, upgrades Sanderson to Neutral
Goldman Sachs analyst Adam Samuelson downgraded Hormel Foods (HRL) to Sell from Neutral and cut his price target for the shares to $35 from $37. With his estimates now below consensus and "limited" earnings growth forecasted through fiscal 2020, the analyst sees risk to Hormel's "premium" valuation. The breadth and depth of African swine fever's impact across the Chinese pork industry, and as a result the global protein industry, will be significant in the near-to-medium-term, Samuelson tells investors in a research note. Buy-rated Tyson Foods (TSN) and BRF S.A. (BRFS) remain the analyst's preferred way to gain exposure to the Global Protein market. Samuelson this morning also upgraded Sanderson Farms (SAFM) to Neutral from Sell and raised his price target for the shares for $131 from $81. Higher competing protein prices and improving U.S. export prospects "make a more negative stance unsustainable," Samuelson contends. He raised his fiscal 2020 and 2021 margin forecasts for the company to "normalized levels." However, further upside is tempered, for now, by increases in U.S. processing capacity coming on stream over the next 18 months, the analyst contends.

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