UPDATE: Bank of America Raises PO to $23 on Tyson Foods

In a published report, Bank of America reiterates its Buy rating on Tyson Foods, Inc. (NYSE: TSN) and raises its price objective to $23 as the company looks past quarter to a solid F12 outlook.

According to BofA, “TSN reported F4Q11 EPS of $0.26 vs. our $0.30 estimate, and downside versus our estimate was driven by lower than expected operating profits, partially offset by a lower than expected tax rate ($0.03 p/s). We forecast this quarter to be the earnings trough for TSN, as results are expected to improve in Chicken over the next several quarters due to a decline in supply, as well continued solid results in Beef and Pork.”

TSN closed at 19.46 per share.