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.
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