UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on Hormel Foods Corp. on Another Strong Year Ahead for Protein

In a report published Friday, Credit Suisse analyst Robert Moskow reiterated a Neutral rating on

, and raised the price target from $52.00 to $57.00. In the report, Credit Suisse noted, “We are raising our Hormel EPS estimates to $0.66 for 4Q and $2.63 for FY 15 (both modestly above consensus) and our target price to $57/share. Our 4Q now reflects the high end of management guidance ($0.57 to $0.67) to take into account strong pork packing margins in the spot markets.” Hormel Foods Corp. closed on Thursday at $54.65.