J.P. Morgan Maintains Overweight Rating for Tyson Foods
In a report issued earlier today, J.P. Morgan & Co. maintained its Overweight rating for Tyson Foods, Inc. (NYSE: TSN), but did not name a price target.
J.P. Morgan said in its report “Tyson's beef business put out an operating margin of -0.1% ex commodity risk management activities, close to our forecast. We had spoken with some investors who expected significantly worse. Tyson continues to illustrate that its beef business runs more efficiently today than most of the industry's. Management remained somewhat constructive about the near-term future of this segment, saying it expects margins to recover throughout the remainder of the year as supplies rise, and that 4Q12E actually should be within the normalized 2.5-4.0% range.”
Tyson Foods, Inc. closed on Friday at $18.04.
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