JPMorgan lowered the firm’s price target on Hormel Foods (HRL) to $30 from $34 and keeps an Overweight rating on the shares. The company’s fiscal Q3 missed on earnings and the Q4 outlook at the midpoint came in 20% below consensus, the analyst tells investors in a research note. However, the firm says Hormel’s volumes are trending better year-over-year relative to most of its food peers and could improve further as Planters laps last year’s lingering disruptions.
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