Fly News Breaks for February 24, 2020
Feb 24, 2020 | 11:52 EDT
Goldman Sachs analyst Adam Samuelson lowered the firm's price target on Pilgrim's Pride to $27 from $30 and keeps a Neutral rating on the shares. The company's Q4 results missed expectations due to a challenging macro environment impacting the Mexico business, Samuelson tells investors in a research note. Further, the analyst expects pressure in the broader commodity chicken markets to remain following recent "counter-seasonal" weakness in boneless breast meat prices and United States Department of Agriculture expectations for chicken production to rise 4% in 2020. Samuelson remains on the sidelines with respect to shares of Pilgrim's Pride.
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