Deutsche Bank Upgrades Smithfield Foods (SFD) to Buy
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Deutsche Bank upgrades Smithfield Foods (NYSE: SFD) from Hold to Buy and raised their price target from $12 to $20, citing a fundamental turn.
The firm said, "Evidence of sow liquidation, gilt slaughter and the exiting by weaker producers point to reduction in the breeding herd. C2010E industry profitability is still in question, but marked improvement in Hog Production should be made. We think restructuring efforts in the Pork Group should begin to bear fruit. Export demand looks to improve, in part due to disease in Russia. Prudent grain hedges point to more benign raising costs for F2H10E than futures curves suggest."
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