Deutsche Bank Maintains Sell Rating and $22 PT on Hormel Foods

A report from Deutsche Bank reiterates its Sell rating and $22 price target on Hormel Foods (NYSE: HRL).

The report states, “HRL reports EPS $0.43 vs. our $0.44 estimate (consensus $0.42). Operating profit below our forecast and -5% YoY, but results benefit vs. our estimate from non-operating items and share count (co. repurchased $72m). Revenue +2% to $2.10b, below our $2.23b estimate.”

HRL closed yesterday at $29.28.