UPDATE: BB&T Capital Markets Upgrades Smithfield Foods to Buy on 2013 Outlook

BB&T Capital Markets raised its rating on Smithfield Foods SFD from Hold to Buy and established a $28 price target. BB&T Capital Markets noted, "Although our Q2 expectations are more muted than consensus, we find the risk/reward profile for the SFD shares attractive. There is some modest downside risk , as we believe Q2 earnings could fall short of expectations Thursday. Indeed, it is unusual to upgrade a stock into what is likely to be a disappointing quarter. However, we view downside risk in the shares as relatively limited given the fact that C'13/14 prospects for hog/pork producers have improved considerably and the related upside should dwarf concerns on the quarter." Smithfield Foods closed at $22.23 on Monday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorUpgradesIntraday UpdateAnalyst RatingsBB&T Capital Markets
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!