KeyBanc Upgrades Hormel Foods (HRL) to Buy
Get Alerts HRL Hot Sheet
Price: $35.23 +0.26%
Rating Summary:
0 Buy, 15 Hold, 10 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
Rating Summary:
0 Buy, 15 Hold, 10 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
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KeyBanc upgraded Hormel Foods (NYSE: HRL) from Hold to Buy with a price target of $48, saying the current price represent a compelling entry point, given an attractive relative valuation and greater confidence that the firm's above-FC FY14E has potential upside.
The firm sees three factors leading to potential upside to FY14E: 1) greater accretion from the Skippy transaction; 2) lower costs at JOTS due to falling grain prices; and 3) better growth from new products.
The firm is leaving estimated unchanged at $2.00 (FC $1.99) for 2013 and $2.37 (FC $2.25) for 2014.
For an analyst ratings summary and ratings history on Hormel Foods click here. For more ratings news on Hormel Foods click here.
Shares of Hormel Foods closed at $39.82 yesterday.
The firm sees three factors leading to potential upside to FY14E: 1) greater accretion from the Skippy transaction; 2) lower costs at JOTS due to falling grain prices; and 3) better growth from new products.
The firm is leaving estimated unchanged at $2.00 (FC $1.99) for 2013 and $2.37 (FC $2.25) for 2014.
For an analyst ratings summary and ratings history on Hormel Foods click here. For more ratings news on Hormel Foods click here.
Shares of Hormel Foods closed at $39.82 yesterday.
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