KeyBanc Starts Tyson (TSN) at Overweight
- Oil steadies on doubts output cut will end global glut
- Western Digital (WDC) Raises Q2 Outlook
- Dollar edges up vs yen as traders eye ECB meeting for cues
- Mondelez Int'l (MDLZ) Seen as Kraft Heinz's (KHC) Next Logical Takeover Target - Credit Suisse
- Foxconn says in preliminary discussions to expand U.S. operations
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your 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
- Deutsche Bank Starts Verisk Analytics (VRSK) at Hold
- UPDATE: Oppenheimer Upgrades Pandora (P) to Outperform
- Mizuho Securities Raises Price Target on Francesca's (FRAN) Following 3Q Beat
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!