UPDATE: Miller Tabak Downgrades Smithfield Foods to Neutral on US Crop Deterioration

Miller Tabak reduces its rating on Smithfield Foods

from Buy to Neutral and reduces its price target from $26 to $24. Miller Tabak notes, "We are lowering our rating on shares of SFD to Neutral from a Buy, as a result of the significant deterioration in the condition of the US corn and soybean crop this season coupled with the recent retrenchment in wholesale pork prices. Shares of SFD are up ~18% since we reiterated our Buy rating on June 14, 2012. Since we initiated coverage on February 15th, 2012, shares have provided a return of -3% versus -3%, -5%, and 38% for Tyson Foods (TSN-Hold), Sanderson Farms (SAFM-NR), and Pilgrims Pride (PPC-NR), respectively." SFD closed at $21.58 on Tuesday.