KeyBanc Starts Hormel Foods (HRL) at Sector Weight

KeyBanc initiated coverage on Hormel Foods (NYSE: HRL) with a Sector Weight rating.

Analyst Brett Andress said, "While our bias LT remains positive, we see some NT risks to both Pork and JOTS estimates as well as a more muted impact from HRL's historical Pork/Grocery offsets all weighing on estimate upside/potential downside. That said, we do see several partial offsets emerging both NT and LT, including encouraging prospects for Specialty and International, along with a pristine balance sheet creating M&A optionality. At ~20.0x our below-consensus view on FY18, we would look for a more attractive entry point NT on this best-in-class packaged food name."

For an analyst ratings summary and ratings history on Hormel Foods click here. For more ratings news on Hormel Foods click here.

Shares of Hormel Foods closed at $34.24 yesterday.

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