Pilgrim’s Pride price target raised to $55 from $50 at Argus

Argus raised the firm’s price target on Pilgrim’s Pride to $55 from $50 and keeps a Buy rating on the shares. The firm is positive on the high demand for chicken at both full restaurants and fast-food chains due to beef shortages while citing its expectation for low-single-digit supply increases over the next five years, the analyst tells investors in a research note. Argus adds that in the U.S., the firm expect health-conscious consumers to favor chicken over beef and pork, and in emerging markets, income growth bodes well for chicken consumption and is likely to result in more rapid volume expansion than in mature markets.