Why Pilgrims Pride's Stock Is Trading Higher Today

Pilgrims Pride PPC shares are trading higher after Stephens & Co upgraded the stock from Equal-Weight to Overweight and raised its price target from $20 to $25 per share.

Pilgrim's Pride is the second-largest poultry producer in the U.S. (67% of 2019 sales), the U.K. (21%), and Mexico (12%). The 2019 purchase of Tulip Limited, the U.K.'s largest hog producer, marks the firm's entrance into the pork market, which we expect to represent about 10% of sales. Pilgrim's sells its protein to chain restaurants, food processors, and retail chains, under brand names Pilgrim's, Country Pride, Gold'n Plump, and Just Bare.

Pilgrims Pride shares were trading up 6.73% at $22.52. The stock has a 52-week high of $27.03 and a low of $14.06.