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Fast-food giant Mcdonald's Corp (NYSE:MCD) launched its new premium chicken sandwich and the biggest winner could be chicken supplier Pilgrim's Pride Corporation (NASDAQ:PPC), according to BofA Securities.
The Pilgrim's Pride Analyst: Peter Galbo maintains a Buy rating on Pilgrim's Pride's stock with an unchanged $25 price target.
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The Pilgrim's Pride Thesis: McDonald's entrance into the premium chicken sandwich war implies more than 50% of all quick-service restaurants feature a chicken sandwich on their menu, Galbo wrote in a note. The growing popularity of chicken sandwiches and continued adoption bodes well for chicken suppliers, especially Pilgrim's Pride.
Tyson Foods, Inc. (NYSE:TSN) is among the largest chicken suppliers to McDonald's, but smaller-sized chickens are the preferred choice for sandwiches, the analyst wrote. Tyson's exposure to smaller chickens accounts for around 20% of its total chicken portfolio compared to Pilgrim's larger exposure at one-third of its U.S. capacity.
Related Link: Yes, Even Taco Bell Is Entering The Chicken Sandwich Battle
Pilgrim's is also converting one of its large bird facilities to small bird to address the growing demand for smaller chickens.
Finally, it has never been confirmed if Pilgrim's supplies chicken to McDonald's, but the company will benefit regardless from the chicken sandwich wars.
PPC Price Action: Shares of Pilgrim's Pride were trading higher by 1.4% Thursday morning at $22.81.
(Photo by Daniel Tuttle on Unsplash)
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.