Citi initiated coverage of Smithfield Foods (SFD) with a Buy rating and $27 price target which implies 28% upside. The company has driven margin expansion in its packaged meats segment to an extent peers have not, the analyst tells investors in a research note. The firm sees opportunities for Smithfield to drive profit higher in the coming years, including from share gains in deli and lunchmeats and more stable hog production profit.
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