Smithfield Foods initiated with a Buy at UBS

UBS initiated coverage of Smithfield Foods (SFD) with a Buy rating and $26 price target The firm, which believes the market is underappreciating Smithfield ‘s integrated business model and productivity initiatives, forecasts a total operating profit compound annual growth rate of about 5% between 2024-2029. The firm also sees a catalyst in the potential for a dividend in-line with its target payout ratio of 30% of net income, the analyst tells investors.