Investors may not be too proud of the downgrade given by BMO Capital In Pilgrim's Pride Corporation PPC earlier Monday. Despite saying that their overarching views on the chicken producer haven't changed, BMO says that current valuations and feed costs make the stock less compelling.
Taking a more disciplined approach, BMO says that recent outperformance and the surge in soybean meal in particular, keeps the sell-side on the sidelines until a more attractive entry point presents itself. BMO sees the price of soy bean to remain high over the foreseeable future due to:
Market News and Data brought to you by Benzinga APIs- 5-7 mmt decline in South American soybean crop
- Tight U.S. soybean balance sheet
- Potentially high soybean imports
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in