Credit Suisse Upgrades Hormel Foods (HRL) to Outperform, Sees Volume Growth in a Cost-Cutting Environment
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Credit Suisse upgraded Hormel Foods (NYSE: HRL) from Neutral to Outperform with a price target of $43.00 (from $38.00), citing favorable industry conditions and volume.
Analyst Robert Moskow commented, "In an environment where packaged food peers are rationalizing their portfolios and turning almost exclusively to cost-cutting to adjust slowing consumer demand, Hormel stands out as having a clear path toward volume growth over the next 12 months."
Shares of Hormel Foods closed at $38.66 yesterday.
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