UPDATE: Oppenheimer Starts Hormel Foods (HRL) at Perform
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(Updated - September 16, 2016 9:11 AM EDT)
Oppenheimer initiated coverage on Hormel Foods (NYSE: HRL) with a Perform rating and a price target of $38. Analyst Rupesh Parikh sees valuation as full and said EPS growth looks "muted" near-term.
"The company is a leading protein and packaged food company, with an increased focus in recent years on the natural/organic space with the acquisitions of Applegate Farms and Justin's. We overall look favorably upon the company's competitive positioning, M&A model, management team, consistent record of execution, and strong track record of delivering shareholder value. However, our forecasts for more muted EPS growth in the intermediate term combined with current valuation parameters support our initial Perform rating. We would be more constructive on the story on a pullback and/or positive revisions to our assessment of the company's earnings power," said Parikh.
Shares of Hormel Foods closed at $36.33 yesterday.
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