BMO Capital lowered the firm’s price target on Cal-Maine Foods (CALM) to $97 from $105 and keeps a Market Perform rating on the shares. The company’s Q1 earnings missed consensus estimates, reflecting lower conventional shell egg pricing as industry supplies quickly recover from impacts of HPAI outbreaks, the analyst tells investors in a research note. The newly acquired Echo Lake Foods contributed $70.5M to Q1 revenue and is tracking ahead of expectations, though the firm is cutting is price target on weaker near-term pricing outlook, BMO added.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CALM:
- Cal-Maine Foods Reports Record First-Quarter Earnings
- Morning News Wrap-Up: Wednesday’s Biggest Stock Market Stories!
- Nike reports Q1 beat, U.S. takes 5% stake in Lithium Americas: Morning Buzz
- Cal-Maine Foods down 9% at $85.30 in pre-market after Q1 earnings miss
- CALM Earnings: Cal-Maine Foods Stock Sinks on Q1 Misses