Sanderson Farms (SAFM) PT Lowered to $101 at Mizuho Securities

Mizuho Securities analyst Jeremy Scott lowered the price target on Sanderson Farms (NASDAQ: SAFM) to $101.00 (from $105.00) while maintaining a Neutral rating following the company's 3Q earnings report. SAFM reported EPS of $0.50 vs the Street's expectation of $1.16. Mizuho Securities lowered FY18/19 to $2.70/5.00 from $4.26/5.64.

A flood of competing product has pressured chicken demand across channels, and is unlikely to let up until spring 2019 when cattle marketings begin to thin and feature rates cycle back in favor of poultry.

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