UPDATE: Miller Tabak Downgrades Smithfield Foods (SFD) as Rising Grain Prices Will Weigh

July 5, 2012 7:58 AM EDT
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Price: $33.97 --0%

Rating Summary:
    6 Buy, 12 Hold, 2 Sell

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    Up: 11 | Down: 20 | New: 54
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(Updated - July 5, 2012 10:31 AM EDT)

An analyst at Miller Tabak downgraded shares of Smithfield Foods (NYSE: SFD) from Buy to Neutral Thursday morning. The firm's price target was lowered from $26 to $24.

The analyst cited rising corn and soybean prices, and a decline in the price of wholesale pork. Miller Tabak believes a constriction in hog supplies recently could help Smithfield during the quarter, however, the surge in grain prices will likely offset any gains.

With shares of Smithfield down 2.6 percent to $21.03 at last check, Miller Tabak's new price target represents potential upside of about 14 percent.

For an analyst ratings summary and ratings history on Smithfield Foods click here. For more ratings news on Smithfield Foods click here.

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