Hormel Foods price target lowered to $22 from $27 at Stephens

Stephens lowered the firm’s price target on Hormel Foods (HRL) to $22 from $27 and keeps an Equal Weight rating on the shares. The setup has “become more nuanced” following a better-than-expected Q1, says the analyst, who believes it “would be prudent for investors to wait on the sidelines” until there is proof of sustained Retail margin recovery and improved earnings conversion.