Smithfield Foods initiated with a Buy at BofA

BofA analyst Peter Galbo initiated coverage of Smithfield Foods (SFD) with a Buy rating and $28 price target Smithfield is the largest vertically integrated U.S. hog producer and fresh pork processor, which services its “industry leading” packaged meats business with key brands, the analyst tells investors in a research note. The firm says consumers are continuously seeking protein rich diets, which should favor Smithfield’s portfolio. Pork is currently the most advantaged animal protein cycle, BofA adds.