BMO Capital analyst Andrew Strelzik lowered the firm’s price target on Pilgrim’s Pride (PPC) to $40 from $42 and keeps a Market Perform rating on the shares as part of a broader research note adjusting the firm’s models on Agribusiness & Protein commodities. The firm is updating its feedstock prices, higher energy costs, and recovery in U.S. beef margins in March from temporarily depressed Feb levels, the analyst tells investors in a research note.
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