JP Morgan lowered its rating on Tyson Foods TSN from Overweight to Neutral and reduces its price target from $27 to $20.
JP Morgan noted, "Rain in key growing states (e.g., Iowa) has been sparse at best in recent months, and temperatures have been higher than usual. This has led to significantly worse growing conditions and poorer potential yields than what was expected just a month ago. Chickens and livestock are essentially walking ears of corn (with some soybean meal mixed in), and thus farming margins are highly negatively correlated with the cost of feed."
Tyson Foods closed at $17.09 on Monday.
Market News and Data brought to you by Benzinga APIs© 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