Hormel Foods upgraded to Neutral at BofA on near-term EPS visibility

As previously reported, BofA upgraded Hormel Foods (HRL) to Neutral from Underperform with a price target of $35, up from $29. Current market dynamics are rewarding stocks with near-term EPS visibility and low revision risk and Hormel fits these parameters, the analyst tells investors. The firm cites improved Jennie-O Turkey fundamentals, a core Pork base business that is growing profits and a FY25 cost savings program that “create flexibility to offset any hiccups,” which it sees creating a more balanced risk/reward.