Goldman Sachs Reiterates Sell Rating on Hormel Foods (HRL)
Goldman Sachs analyst Adam Samuelson reiterated a Sell rating and $28.00 price target on Hormel Foods (NYSE: HRL).
The analyst comments "Overall, our view on HRL remains largely unchanged following today's results. The muted near term earnings outlook continues to conflict with HRL's sustained premium valuation. While we recognize clear building blocks for a return to EPS growth in FY25 as the company should lap Planters production issues and ongoing transformation initiatives gather momentum, consensus expectations for ~6% growth already reflect these, with added upside from a potential cyclical normalization in commodity turkey markets that we would not view as a durable source of earnings growth nor command a premium Staples multiple, in our view. We maintain our $28 price target and Sell rating."
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Shares of Hormel Foods closed at $31.01 yesterday.