Pilgrim’s Pride price target lowered to $55 from $60 at Argus

Argus lowered the firm’s price target on Pilgrim’s Pride (PPC) to $55 from $60 but keeps a Buy rating on the shares. The firm remains positive on the high demand for chicken at both full-service restaurants and fast-food chains due to beef shortages, as well its expectation of low-single-digit supply increases over the next five years, the analyst tells investors in a research note. Pilgrim’s Pride is planning to allocate its strong cash flow to growth initiatives and will exceed its capital expenditures guidance, the firm adds.