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.
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Read More on HRL:
- Hormel Foods upgraded to Neutral from Underperform at BofA
- Hormel Foods management to meet with Stephens
- Unusually active option classes on open March 11th
- Hormel Foods price target lowered to $29 from $30 at BofA
- Hormel Foods Faces Ongoing Supply Chain and Brand Recovery Challenges, Leading to Sell Rating