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SAFM

Sanderson Farms

$159.66

-2.11 (-1.30%)

, TSN

Tyson Foods

$88.84

-0.155 (-0.17%)

09:10
11/14/19
11/14
09:10
11/14/19
09:10

Sanderson Farms upgraded to Buy from Underperform at BofA/Merrill

BofA Merrill Lynch analyst Peter Galbo upgraded Sanderson Farms (SAFM) to Buy from Underperform with a price target of $180, up from $133. Multiple press reports are indicating that China's customs agency has lifted restrictions on the import of U.S. poultry, effective immediately, which is a result of protein shortage in the country due to African Swine Fever and outside of the Phase 1 trade deal, Galbo noted. While he expects all U.S. chicken processors - including Tyson Foods (TSN) and Pilgrim's Pride (PPC) - to benefit, he sees the most incremental benefit to Sanderson as the company now will be able to ship chicken feet/paws and wing tips to China, where it has not shipped since 2015.

SAFM

Sanderson Farms

$159.66

-2.11 (-1.30%)

TSN

Tyson Foods

$88.84

-0.155 (-0.17%)

PPC

Pilgrim's Pride

$31.94

-0.34 (-1.05%)

  • 02

    Dec

  • 04

    Dec

SAFM Sanderson Farms
$159.66

-2.11 (-1.30%)

09/11/19
BUCK
09/11/19
NO CHANGE
Target $138
BUCK
Neutral
Sanderson Farms share price reflects 'reasonable' valuation, says Buckingham
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.
10/25/19
BOFA
10/25/19
INITIATION
Target $133
BOFA
Underperform
Sanderson Farms initiated with an Underperform at BofA/Merrill
BofA/Merrill analyst Peter Galbo initiated coverage of Sanderson Farms with an Underperform rating and $133 price target. The analyst notes that the company's near-term profitability challenges and high valuation may "outweigh" the benefits related to African Swine Fever.
10/25/19
10/25/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Essa Pharma (EPIX) initiated with an Outperform at Oppenheimer. 2. Uber (UBER) initiated with a Buy at Guggenheim. 3. LogMeln (LOGM) assumed with a Sector Perform at RBC Capital. 4. MannKind (MNKD) initiated with an Overweight at Cantor Fitzgerald. 5. Sanderson Farms (SAFM) initiated with an Underperform at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/25/19
BOFA
10/25/19
INITIATION
Target $133
BOFA
Underperform
Sanderson Farms initiated with an Underperform at BofA/Merrill
BofA/Merrill initiated coverage of Sanderson Farms with an Underperform rating and $133 price target.
TSN Tyson Foods
$88.84

-0.155 (-0.17%)

08/06/19
MZHO
08/06/19
NO CHANGE
Target $95
MZHO
Buy
Tyson Foods price target raised to $95 from $89 at Mizuho
Mizuho anlayst Jeremy Scott raised his price target for Tyson Foods to $95 from $89 following yesterday's fiscal Q3 results and keeps a Buy rating on the shares. The stock rallied on favorable guidance for both this year and next, including management's outlook that all operating segments would match or beat fiscal 2019 results, including prepared food, Scott tells investors in a research note.
10/25/19
BOFA
10/25/19
INITIATION
Target $97
BOFA
Buy
Tyson Foods initiated with a Buy at BofA/Merrill
BofA/Merrill analyst Peter Galbo initiated coverage of Tyson Foods with a Buy rating and $97 price target.
11/13/19
BMOC
11/13/19
NO CHANGE
Target $98
BMOC
Outperform
Tyson Foods price target raised to $98 from $90 at BMO Capital
BMO Capital analyst Kenneth Zaslow raised his price target on Tyson Foods to $98 and kept his Outperform rating, noting that while the company missed on Q4 earnings because of weaker performance in Prepared Foods, its FY20 guidance calls for high-single-digit earnings growth with "potential for profound upside." The analyst also points to the strong beef/pork fundamentals and the potential for a chicken trade agreement with China supporting the stock beyond the "short-term operational missteps."
09/26/19
SPHN
09/26/19
NO CHANGE
Target $230
SPHN
Overweight
Stephens doesn't see 'full blown' alternative beef rollout at McDonald's in U.S.
After McDonald's (MCD) announced plans for a 12-week test in Canada of a new plant-based burger using a Beyond Meat (BYND) patty, Stephens analyst Will Slabaugh said he is happy to see the burger giant consider an entry into the plant-based market. However, he is not expecting a near-term "full blown" alternative beef rollout in the U.S., primarily due to supply chain reasons. He views an alternative chicken product as more likely for a nation-wide launch in 2020/2021 in the U.S. in conjunction with exclusive poultry provider Tyson (TSN). He also thinks a chicken product would likely be "more novel" and a larger sales driver, said Slabaugh, who keeps an Overweight rating and $230 price target on McDonald's shares.
PPC Pilgrim's Pride
$31.94

-0.34 (-1.05%)

09/19/19
SPHN
09/19/19
NO CHANGE
Target $35
SPHN
Overweight
Pilgrim's Pride price target raised to $35 after analyst day at Stephens
Stephens analyst Ben Bienvenu said he thinks Pilgrim Pride management's well articulated key customer strategy and operational excellence, which were on display at the company's investor day, should continue to drive value over commodity cycles. Bienvenu adds that he sees the benefit from ASF-driven protein inflation "becoming a when, not if situation for the U.S. market." The analyst, who sees Pilgrim's as best positioned in the near-term among protein companies with Mexico and Europe performing well and the U.S. bar "set appropriately," raised his price target on the stock to $35 from $33 and keeps an Overweight rating on shares.
08/20/19
08/20/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Pilgrim's Pride (PPC) upgraded to Outperform from Market Perform at BMO Capital with analyst Kenneth Zaslow citing the management's implementation of a "successful execution" of its chicken strategy. 2. Beyond Meat (BYND) upgraded to Overweight from Neutral at JPMorgan while Campbell Soup (CPB) was upgraded to Neutral from Underweight. 3. Chemours (CC) upgraded to Positive from Neutral at Susquehanna with analyst Don Carson saying he thinks end-user destocking of TiO2 appears to have run its course and he views the company as the prime beneficiary of an upturn in industry volumes in 2020. 4. AbbVie (ABBV) upgraded to Overweight from Neutral at Piper Jaffray with analyst Christopher Raymond saying while he remains negative on the company's decision to acquire Allergan (AGN), he believes that a bottom on the stock has been found around $66. 5. CACI (CACI) upgraded to Outperform from Neutral at Credit Suisse with analyst Robert Spingarn saying in an uncertain macro environment, he likes a defensive name that can support a multi-year story of organic growth, margin expansion, and M&A optionality, all while offering an attractive valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/20/19
BMOC
08/20/19
UPGRADE
Target $36
BMOC
Outperform
Pilgrim's Pride upgraded to Outperform from Market Perform at BMO Capital
BMO Capital analyst Kenneth Zaslow upgraded Pilgrim's Pride (PPC) to Outperform and raised his price target to $36 from $31, citing the management's implementation of a "successful execution" of its chicken strategy. The analyst also points to the improvement in "underlying chicken fundamentals" around the shortage of U.S. beef production, record high levels in China hog prices, and a "more normal" promotional activity that includes increased features with McDonald's (MCD) upcoming chicken promotion - its first in over a year.
10/25/19
BOFA
10/25/19
INITIATION
Target $32
BOFA
Neutral
Pilgrim's Pride initiated with a Neutral at BofA/Merrill
BofA/Merrill analyst Peter Galbo initiated coverage of Pilgrim's Pride with a Neutral rating and $32 price target.

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