Pilgrim’s Pride upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded Pilgrim’s Pride (PPC) to Overweight from Equal Weight with a price target of $42, down from $45. The company’s Q1 results were softer than expected due to one-time plant shutdowns and adverse weather, the analyst tells investors in a research note. The firm says Pilgrim’s free cash flow generation remains strong despite higher capex and declining profits. The stock’s valuation is attractive following the year-to-date selloff, contends Barclays.