UPDATE: Imperial Capital Downgrades Pilgrim's Pride Corporation to In-Line on Revenue Miss
Imperial Capital reduced its rating on Pilgrim's Pride Corporation (NYSE: PPC) from Outperform to Inline and lowered its price target from $9 to $5.
Imperial Capital said, "While we anticipate investor sentiment in the stock will continue to be dominated by U.S. corn and soybean prices in the shortterm, we think the company's vertically-integrated operating platform provides strong downside support to the equity near current trading levels on the common. Pilgrim's owns its 30 plants (spanning 14 states, Puerto Rico and Mexico)—capable of producing 38mn chickens weekly—and 15 distribution centers, with a “low end” replacement value of $2.47bn, by our estimates, or $4.78 per share."
Pilgrim's Pride Corporation closed at $4.78 on Thursday.
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