Pilgrim’s Pride initiated with a Neutral at Goldman Sachs

Goldman Sachs analyst Leah Jordan initiated coverage of Pilgrim’s Pride (PPC) with a Neutral rating and $50 price target The firm believes the company is well positioned to benefit from continued momentum in chicken fundamentals in the near-term, driven by strong demand given its affordability, along with constrained supply and stable feed costs. However, Goldman views this backdrop as well understood and embedded in consensus consensus. Thus, it sees a balanced risk/reward after the recent stock outperformance “resulted in a full valuation.”