KeyBanc Starts Hormel Foods (HRL) at Sector Weight
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KeyBanc initiated coverage on Hormel Foods (NYSE: HRL) with a Sector Weight rating.
Analyst Brett Andress said, "While our bias LT remains positive, we see some NT risks to both Pork and JOTS estimates as well as a more muted impact from HRL's historical Pork/Grocery offsets all weighing on estimate upside/potential downside. That said, we do see several partial offsets emerging both NT and LT, including encouraging prospects for Specialty and International, along with a pristine balance sheet creating M&A optionality. At ~20.0x our below-consensus view on FY18, we would look for a more attractive entry point NT on this best-in-class packaged food name."
Shares of Hormel Foods closed at $34.24 yesterday.
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