Pivotal Research Cuts Tyson (TSN) to Sell with Price Target of $40
Get Alerts TSN Hot Sheet
Rating Summary:
13 Buy, 14 Hold, 2 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 9 | Down: 16 | New: 15
Join SI Premium – FREE
Pivotal Research downgraded Tyson (NYSE: TSN) from Hold to Sell with a price target of $40.00 (prior $100.00). Analyst Timothy Ramey pointed out a "convincing" class-action complaint related to broiler price-fixing.
"A powerfully convincing class-action complaint, Maplevale Farms, Inc. v. Koch Foods, Inc. et al was filed in U.S. District Court for the Northern District of Illinois on September 2nd. The complaint alleges that Tyson, together with Koch Foods and multiple other players in the broiler chicken business, systematically colluded to reduce production of broilers since about 2008. The mechanism for collusion is not a shady meeting in a hotel room, as was once done by players in the lysine market. Rather, the complaint alleges supply collusion occurred through non-public data exchange; detailed industry reports compiled on a daily or weekly basis by Agri Stats, Inc., a subsidiary of Eli Lilly and Co., and then sold back to industry participants," said Ramey.
For an analyst ratings summary and ratings history on Tyson click here. For more ratings news on Tyson click here.
Shares of Tyson closed at $74.38 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Stifel Downgrades Saipem (SPM:IM) (SAPMY) to Hold
- Needham Upgrades Netflix (NFLX) to Buy, 'on Rev Upside from Tech Stack'
- Argus Downgrades Crown Castle (CCI) to Hold
Create E-mail Alert Related Categories
Analyst Comments, Downgrades, Hot Comments, Hot Downgrades, LitigationRelated Entities
Tim RameySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!