Pivotal Research Cuts Tyson (TSN) to Sell with Price Target of $40
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Pivotal Research downgraded Tyson (NYSE: TSN) from Hold to Sell with a price target of $40.00 (prior $100.00). Analyst Timothy Ramey pointed out a "convincing" class-action complaint related to broiler price-fixing.
"A powerfully convincing class-action complaint, Maplevale Farms, Inc. v. Koch Foods, Inc. et al was filed in U.S. District Court for the Northern District of Illinois on September 2nd. The complaint alleges that Tyson, together with Koch Foods and multiple other players in the broiler chicken business, systematically colluded to reduce production of broilers since about 2008. The mechanism for collusion is not a shady meeting in a hotel room, as was once done by players in the lysine market. Rather, the complaint alleges supply collusion occurred through non-public data exchange; detailed industry reports compiled on a daily or weekly basis by Agri Stats, Inc., a subsidiary of Eli Lilly and Co., and then sold back to industry participants," said Ramey.
Shares of Tyson closed at $74.38 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mizuho Securities Upgrades Lululemon Athletica Inc. (LULU) to Buy; Sees Upside Continuing
- MoffettNathanson Downgrades AMC Networks (AMCX) to Sell
- Credit Suisse Downgrades NetApp (NTAP) to Underperform
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades, Hot Comments, Hot Downgrades, Litigation
Related EntitiesTim Ramey
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!