Market Overview

UPDATE: Miller Tabak Downgrades BRF Brasil Foods to Hold, Lowers PT

Share:
Related BRFS
Top Performing Industries For April 29, 2015
Fast Money Picks For April 7

In a report published Friday, Miller Tabak + Co. downgraded its rating on BRF Brasil Foods SA (NYSE: BRFS) from Buy to Hold, and slightly lowered its price target from $18.00 to $17.00.

Miller Tabak noted, “Despite a tough operating environment (soaring soymeal costs) and the near-term EPS impact related to Brasil Foods' asset swap with Marfrig, shares have risen by ~15% since the company reported Q2:12 earnings in mid-August. In our view, the company's announcement that it intends to raise packaged food prices by 5-10% in time for the holiday season combined with a roughly 7-10% production cut by most Brazilian poultry producers in July was the impetus for the strong performance in shares of Brasil Foods during the past two months. Furthermore, we believe stimulus measures (reducing energy costs for residential/industrial buyers) announced by the Brazilian government in early September has also attracted macro-driven investors back into key LATM names.”

BRF Brasil Foods SA closed on Thursday at $17.30.

Latest Ratings for BRFS

DateFirmActionFromTo
Apr 2015Bank of AmericaUpgradesNeutralBuy
Mar 2015Credit SuisseDowngradesOutperformNeutral
Jan 2015Miller TabakUpgradesHoldBuy

View More Analyst Ratings for BRFS
View the Latest Analyst Ratings

Posted-In: Miller Tabak + Co.Analyst Color Downgrades Analyst Ratings

 

Related Articles (BRFS)

Get Benzinga's Newsletters