UPDATE: Miller Tabak Reiterates Hold Rating, Raises PT on Smithfield Foods on Tweaked EPS Estimate

In a report published Monday, Miller Tabak reiterated its Hold rating on Smithfield Foods

, and raised its price target from $22.00 to $24.00. Miller Tabak noted, “Tweaking Q4:FY13 EPS estimate ($0.53 vs. $0.51 prior) upward to reflect lower tax rate, above trendline volume growth in package food segment, and moderately lower outstanding share count assumption. Lift PT to $24 from $22 as continued share gains in packaged food segment warrants further multiple expansion. Sum-of-the-parts chatter helps but since strategic value of Murphy-Brown will continue to grow as environmental pressures mount on US food providers, it is still not clear to us how much of hog production spin-out talk is an argument of convenience or real activist commitment.” Smithfield Foods closed on Friday at $25.79.