Goldman Sachs Starts Pilgrim's Pride (PPC) at Neutral

Goldman Sachs analyst Leah Jordan initiates coverage on Pilgrim's Pride (NASDAQ: PPC) with a Neutral rating and a price target of $50.00.

The analyst comments "We initiate PPC with a Neutral rating and 12-month price target of $50. We view PPC as well positioned to benefit from continued momentum in chicken fundamentals in the near-term, backstopped by strong demand given its affordability, along with constrained supply and stable feed costs. Furthermore, we expect a structurally higher margin profile for PPC with less volatility over time given its continued shift toward value-added products, plus diversification across geographies and channels. However, we view this backdrop as well understood and embedded in FactSet consensus, thus we see a balanced risk/reward after recent stock outperformance resulted in a full valuation."

For an analyst ratings summary and ratings history on Pilgrim's Pride click here. For more ratings news on Pilgrim's Pride click here.

Shares of Pilgrim's Pride closed at $45.44 yesterday.

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