Barclays upgraded Hormel Foods (HRL) to Overweight from Equal Weight with a price target of $36, up from $35. The firm sees the company’s investments into its “Transform and Modernize” initiative materializing into a higher long-term margin structure. Additionally, Hormel’s “unique headwinds” that negatively impacted its results in fiscal 2024, such as low turkey pricing and a Planters’ factory outage, should dissipate in 2025, the analyst tells investors in a research note.
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