Deutsche Bank Reiterates a 'Buy' on Tyson (TSN); Comments on Hormel (HRL)
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Deutsche Bank reiterates a 'Buy' on Tyson (NYSE: TSN), raises price target $1 to $15.
Deutsche analyst says, "We increase our F2009E (end Sep) EPS to $0.16 from $0.01. F3Q09E (end Jun) EPS is increased to $0.25 from $0.18. We raise F2010E EPS to $1.25 from $1.17. Estimate revisions are based on improved assumed chicken profitability and better near-term beef processing trends. Turning to Hormel (NYSE: HRL), we retain our HOLD rating and $35 price target. We raise our F2010E (end Oct) EPS to $2.57 from $2.56. We calculate the recently announced 50/50 JV, MegaMex,with Herdez del Fuerte will be $0.02-$0.03 accretive. However, we have tempered our margin assumption for Refrigerated Foods in F2H10 owing to the impact of sow liquidation."
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Tyson Foods, Inc. is a meat protein and food production company. The Company produces, distributes and markets chicken, beef, pork, prepared foods and related allied products.
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