Hormel Foods (HRL) Added to Credit Suisse U.S. Focus List
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Credit Suisse added Hormel Foods (NYSE: HRL) to their U.S. Focus List. The firm reiterated an Outperform rating and price target of $43.00.
Analyst Robert Moskow said strong momentum in Q4 bodes well for FY17. "Our meeting with Hormel management last week reinforced our positive view on the stock and increased our confidence that Hormel will guide to a stronger fiscal 2017 than the consensus view," he commented. "In an environment where packaged food peers are rationalizing their portfolios and turning almost exclusively to cost-cutting to adjust to slowing consumer demand, Hormel has increased its investment in advertising and new product launches. As a result, we expect top-line growth to keep moving higher while others are moving lower. In addition, we expect the company to announce a bullish 3-5 year operating margin target on its 4Q call – up 200 bps from fiscal 2016. Our $43/share target price assumes modest multiple expansion to 13.5x EBITDA against our fiscal 2018 estimate. We reiterate our Outperform rating. "
Shares of Hormel Foods closed at $37.33 yesterday.
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