Playing Chicken, BMO Downgrades Pilgrim's Pride - Pilgrims Pride (NASDAQ:PPC)

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Investors may not be too proud of the downgrade given by BMO Capital In Pilgrim's Pride Corporation (NASDAQ: 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:

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5-7 mmt decline in South American soybean crop
Tight U.S. soybean balance sheet
Potentially high soybean imports

BMO downgraded shares from Market Outperform to Market Perform, as well as lowered their price target to $27/share. The street had a slightly negative reaction to the downgrade, with shares trading down 1.8% at $24.55/share.