Rafferty Capital Upgrades Smithfield Foods (SFD) to Buy; Terminates Campofrio Negotiations
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Price: $22.76 +1.29%
Rating Summary:
11 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
11 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Rafferty Capital upgraded Smithfield Foods (NYSE: SFD) from Hold to Buy. PT $25.
Rafferty analyst said, "Our upgrade reflects our expectations for continued strong margins through 2012, as Smithfield is able to pass through higher input costs to consumers. SFD is a best in class pork processor that will continue to benefit from growing worldwide protein demand."
"Smithfield announced it terminated negotiations to acquire the remaining stake in Campofrio Food Group. Management cited adverse economic conditions in Europe and a decline in Smithfield's share price as factors that led to the negotiations to breakdown. SFD will remain in control of its 37% stake in Campofrio. Today's announcement assures us that the company is looking at opportunities with their eyes trained on valuation and sustaining their balance sheet."
For more ratings news on Smithfield Foods click here and for the rating history of Smithfield Foods click here.
Shares of Smithfield Foods closed at $19.85 yesterday.
Rafferty analyst said, "Our upgrade reflects our expectations for continued strong margins through 2012, as Smithfield is able to pass through higher input costs to consumers. SFD is a best in class pork processor that will continue to benefit from growing worldwide protein demand."
"Smithfield announced it terminated negotiations to acquire the remaining stake in Campofrio Food Group. Management cited adverse economic conditions in Europe and a decline in Smithfield's share price as factors that led to the negotiations to breakdown. SFD will remain in control of its 37% stake in Campofrio. Today's announcement assures us that the company is looking at opportunities with their eyes trained on valuation and sustaining their balance sheet."
For more ratings news on Smithfield Foods click here and for the rating history of Smithfield Foods click here.
Shares of Smithfield Foods closed at $19.85 yesterday.
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