Market Overview

UPDATE: J.P. Morgan Raises PT on Sanderson Farms Ahead of Earnings Report

Share:

In a report published Wednesday, J.P. Morgan analyst Ken Goldman reiterated a Neutral rating on Sanderson Farms (NASDAQ: SAFM), and raised the price target from $49.00 to $70.00.

In the report, J.P. Morgan noted, “Prior to tomorrow's scheduled earnings, we are upping our estimates and price target for Sanderson Farms. Between (a) chicken prices at all-time highs and climbing, and (b) our expectation for record earnings next year, we think investors probably should own SAFM here. We remain Neutral because we base our price target off “normalized” EPS and we remain concerned about US corn prices; however, protein stocks often trade more on momentum than valuation, and right now we think momentum is in SAFM's favor.”

Sanderson Farms closed on Tuesday at $65.56.

Latest Ratings for SAFM

DateFirmActionFromTo
Apr 2019UpgradesSellNeutral
Apr 2019MaintainsNeutralNeutral
Mar 2019UpgradesUnderweightNeutral

View More Analyst Ratings for SAFM
View the Latest Analyst Ratings

Posted-In: J.P. Morgan Ken GoldmanAnalyst Color Price Target Analyst Ratings

 

Related Articles (SAFM)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
POUInitiates Coverage On
CRZODowngrades11.0
ACIADowngrades
ADMPDowngrades1.1
WORKInitiates Coverage On44.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

UPDATE: J.P. Morgan Raises PT on Aegerion Pharmaceuticals in Continuing Doc Rounds Series

UPDATE: BTIG Research Initiates Flagstar Bancorp at Buy on Potential to Overcome Challenges