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Fly News Breaks for August 20, 2019
PPC, MCD
Aug 20, 2019 | 06:17 EDT
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.
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