KeyBanc Starts Tyson (TSN) at Overweight
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
KeyBanc initiated coverage on Tyson (NYSE: TSN) with a Overweight rating and a price target of $70.
Analyst Brett Andress said, "While we acknowledge the NT sentiment overhang that the abrupt CEO change and Georgia Dock headlines create, we believe current levels represent an attractive entry point into a best-in-class diversified protein producer with significant branded momentum, some embedded flexibility/offsets to the current FY17 guide and future M&A optionality (~1.5x levered vs. 3.0x+ following Hillshire). Further, we see solid FCF generation supporting accelerated repurchases (modeling ~$750M in FY17/FY18 vs. $1.9B in FY16). We apply a 14.4x multiple to our below-consensus FY18 $4.85 EPS estimate to arrive at our PT."
Shares of Tyson closed at $56.81 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- M&T Bank (MTB) PT Raised to $165 at FBR Capital Following 4Q Beat
- Morgan Stanley Downgrades Travelport Worldwide Limited (TVPT) to Equalweight
- Morgan Stanley Upgrades Dish Network (DISH) to Overweight
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!