Pivotal Research Cuts Tyson (TSN) to Sell with Price Target of $40
- Stocks tumble after weak U.S. confidence data; oil gains
- Earnings Estimates are 'Likely Too Optimistic', Risk Not Fully Reflected - Goldman
- Pinterest (PINS) CEO Silbermann Is Stepping Down, Shares Gain 8%
- Apple's (AAPL) Runs into 5G Modem Development Issues, Will Continue to Use Qualcomm (QCOM) - Analyst
- Bank of America Clients are Selling This Rally
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
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.
Shares of Tyson closed at $74.38 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Boston Beer (SAM) Downgraded to Sell at Goldman Sachs on Negative Risk/Reward
- UPDATE: Mizuho Securities Downgrades Portland General Electric Company (POR) to Neutral
- Choice Properties (CHP-U:CN) (PPRQF) PT Lowered to Cdn$15.50 at Scotiabank
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades, Hot Comments, Hot Downgrades, Litigation
Related EntitiesTim Ramey
Sign 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!