Goldman Sachs Starts Pilgrim's Pride (PPC) at Neutral
Get Alerts PPC Hot Sheet
Rating Summary:
7 Buy, 8 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 7 | Down: 3 | New: 1
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Goldman Sachs initiated coverage on Pilgrim's Pride (NASDAQ: PPC) with a Neutral rating and a price target of $33.00.
Analyst Adam Samuelson said, "We remain constructive on PPC’s underlying earnings outlook as feed cost tailwinds and ongoing operational improvements under the ownership of JBS drive our EPS estimates 20% above the Street in 2015. We also see medium-term upside from potential M&A in packaged meats and/or domestic chicken industry consolidation in light of PPC’s net cash position and demonstrated willingness to flex its balance sheet (e.g., attempted HSH bid). However, with shares already trading in line with peers on our above consensus estimates following sizable YTD outperformance (PPC +89% vs. S&P +5%), the risk/reward appears fairly balanced, driving our Neutral rating."
For an analyst ratings summary and ratings history on Pilgrim's Pride click here. For more ratings news on Pilgrim's Pride click here.
Shares of Pilgrim's Pride closed at $30.64 yesterday.
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