BofA upgraded Pilgrim’s Pride to Buy from Neutral with an unchanged price target of $26. Pilgrim’s Pride’s Q1 results were roughly in line with Street forecasts, but the U.S. segment was below the firm’s forecast, the analyst tells investors in a research note. BofA thinks Q1 represented a trough given the expected improvement in supply fundamentals in U.S. chicken and the protein complex, as well as seasonal tailwinds.
Published first on TheFly
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