KeyBanc Starts Pilgrim's Pride (PPC) at Overweight
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KeyBanc initiated coverage on Pilgrim's Pride (NASDAQ: PPC) with a Overweight rating and a price target of $21.
Analsyt Brett Andress said, "We view PPC as one of the more balanced and diversified chicken processors (equally exposed across five categories), poised to benefit from its favorable mix and increasing focus on higher margin ABF and organic products. With PPC currently trading at 11.0x our normalized FY17 earnings estimate (below the lower end of a typical mid-cycle range estimate of 12-13x), our $21 price target equates to 13.1x our normalized FY17 estimate, representing ~20% upside from current levels. Of note, our estimates do not reflect the recent acquisition of the GNP Company."
Shares of Pilgrim's Pride closed at $17.61 yesterday.
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