Companies in the Consumer Goods sector have received a lot of coverage today as analysts weigh in on Hormel Foods (NYSE: HRL) and Sanmina-Sci Corp (NASDAQ: SANM).
Hormel Foods (NYSE: HRL)
Oppenheimer analyst Rupesh Parikh assigned a Hold rating to Hormel Foods (NYSE: HRL) today and set a price target of $35. The company’s shares closed yesterday at $35.82.
Parikh commented:
“We overall view the Q2 results reported by HRL as mixed. In an increasingly challenging food backdrop, management was able to reiterate both sales and EPS guidance, which is an outlier lately amidst a rising cost backdrop. On the negative side, one-off challenges in parts of the overall portfolio such as Cytosport and ongoing weakness at Jennie-O pressured organic volume trends with a company- wide decrease of 1%. HRL shares have meaningfully outperformed lately within the food sector on enthusiasm related to lower input costs. We suspect some of the recent gains could erode this morning. Our Perform rating reflects valuation and our expectations for muted profit growth in the intermediate term.”
According to TipRanks.com, Parikh is a 5-star analyst with an average return of 16.1% and a 61.2% success rate. Parikh covers the Services sector, focusing on stocks such as Blue Apron Holdings Inc, United Natural Foods, and Wal-Mart Stores Inc.
Hormel Foods has an analyst consensus of Strong Buy, with a price target consensus of $37.33.
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Sanmina-Sci Corp (NASDAQ: SANM)
Craig-Hallum analyst Christian Schwab reiterated a Buy rating on Sanmina-Sci Corp (NASDAQ: SANM) yesterday and set a price target of $40. The company’s shares closed yesterday at $29.70.
According to TipRanks.com, Schwab is a 5-star analyst with an average return of 22.3% and a 63.5% success rate. Schwab covers the Consumer Goods sector, focusing on stocks such as Applied Materials, Western Digital, and Seagate Tech.
Currently, the analyst consensus on Sanmina-Sci Corp is Strong Buy and the average price target is $37.67, representing a 26.8% upside.
In a report released yesterday, Needham also reiterated a Buy rating on the stock with a $40 price target.
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