Bernstein analyst Alexia Howard downgraded Tyson Foods (TSN) to Market Perform from Outperform with a price target of $59, down from $74, as part of an earnings preview. The firm sees a challenged cattle supply environment with heifer slaughter rates remaining elevated. Bernstein expects Tyson’s beef business to remain unprofitable in the near-term, even if heifer slaughter rates fall, saying it will take years for the herd to naturally rebuild.
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