Cal-Maine Foods price target lowered to $85 from $95 at Stephens

Stephens analyst Pooran Sharma lowered the firm’s price target on Cal-Maine Foods (CALM) to $85 from $95 and keeps an Equal Weight rating on the shares. Cal-Maine reported Q2 adjusted EPS that beat the firm’s and consensus estimates, but earnings declined meaningfully year-over-year as egg prices continued to fall from multi-year highs seen earlier this past spring, the analyst tells investors. While the firm is “encouraged” by the improvement in longer-term earnings durability, it expects oversupply concerns and seasonal demand weakness to weigh on the near- to intermediate-term setup, the analyst tells investors.