Argus Research has decided to maintain its Buy rating of Hormel Foods HRL and raise its price target from $53.00 to $54.00.
Shares of Hormel Foods are trading down 0.2% over the last 24 hours, at $45.42 per share.
A move to $54.00 would account for a 18.89% increase from the current share price.
About Hormel Foods
Hormel Foods is a protein-focused branded food company. Its brands include its namesake Hormel, Spam, Jennie-O, Dinty Moore, Applegate, Wholly Guacamole, Planters, and Skippy. The vast majority of the company's revenue is U.S.-based: 64% U.S. retail, 28% U.S. food service, and 8% international. By product type, in fiscal 2021, 23% of revenue was shelf-stable foods, 18% was poultry (branded and commodity), 55% was other perishable food, and 3% was other, primarily nutritional products. The company holds the number-one market position in shelf-stable meat, shelf-stable ready meals, pepperoni, natural/organic deli meat, and guacamole and the number-two position in turkey, bacon, chilled ready meals, and peanut butter.
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