Deutsche Bank Starts Hormel Foods (HRL) at Hold

Deutsche Bank initiated coverage on Hormel Foods (NYSE: HRL) with a Hold rating and a price target of $53.

Analyst Mario Contreras said, "We recognize Hormel’s strong track record, commitment to innovation, experienced mgmt team, and potential for balance sheet optimization. However, we view current valuation (12% C2015 P/E premium) as reasonable and prefer to wait for a better entry point. We also have some concerns around turkey industry discipline and potential impact on F2015 profitability. Thus, we initiate with a Hold recommendation."

For an analyst ratings summary and ratings history on Hormel Foods click here. For more ratings news on Hormel Foods click here.

Shares of Hormel Foods closed at $54.83 yesterday.

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