Smithfield Foods assumed with an Overweight at Morgan Stanley

Morgan Stanley assumed coverage of Smithfield Foods (SFD) with an Overweight rating and $28 price target Smithfield shares are down about 8% over the last month, underperforming the S&P and protein peers, notes the analyst, who believes the current valuation overly discounts tariff-related export risks while underappreciating the company’s momentum in packaged meats and a “constructive outlook” for hog production.