Add as a preferred source on GoogleBank of America Downgrades Smithfield Foods as Pork Market Weakens
The bank lowered its rating to neutral from buy and cut the price target to $21 from $25, implying about 12% upside from the previous close.
Bank of America downgraded Smithfield Foods to neutral from buy on Oct. 9 and cut its price target to $21 from $25 as pork-market conditions deteriorated and producer economics weakened.
The revised target represented about 12% upside from the company’s previous close. The rating change reflects a less favorable outlook for the pork market and the profitability of producers.
Smithfield Foods now carries a neutral rating from the bank, with the lower target reflecting the pressure from weaker industry conditions.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.