Fly News Breaks for September 19, 2019
Sep 19, 2019 | 08:49 EDT
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.
News For PPC From the Last 2 Days
Feb 20, 2020 | 17:57 EST
CEO Jayson Penn says: "While overall global market conditions including U.S. commodity chicken improved during 2019, our team members have continued to deliver on our strategy, achieving a significant increase in relative performance compared to last year and to our industry competition. Our diverse global footprint has contributed to well-balanced and more consistent results against different specific market conditions. We maintain our approach to the successful Key Customer strategy, which is the basis for our strong growth. While our product portfolio is already differentiated, we are investing to further innovate, and increase our capacities and capabilities to meet customer demand. We expect value added, specialty products to account for a meaningfully larger portion of our total results over the next few years as we continue to de-emphasize the mix of more volatile commodity sales and strengthen our margin profile."