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In a report released today, Akshay Jagdale from Jefferies maintained a Hold rating on Pilgrim’s Pride (NASDAQ: PPC), with a price target of $23. The company’s shares opened today at $21.70, close to its 52-week low of $20.23.
Jagdale wrote:
“1Q18 results were better than expected largely driven by better than expected results in Mexico offsetting weaker than expected results in the US and Europe. We remain cautious on our outlook for the US chicken industry as we continue to expect an oversupply situation. Weaker than expected US 1Q results and weak spot pricing trends so far in 2Q support our concerns. We are lowering our PT to $23 and maintaining our Hold rating.”
According to TipRanks.com, Jagdale is a 4-star analyst with an average return of 5.3% and a 53.8% success rate. Jagdale covers the Consumer Goods sector, focusing on stocks such as Lamb Weston Holdings, McCormick & Company, and J & J Snack Foods.
Pilgrim’s Pride has an analyst consensus of Moderate Buy, with a price target consensus of $29.
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Based on Pilgrim’s Pride’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $119 million. In comparison, last year the company had a net profit of $93.92 million.
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Pilgrim’s Pride Corp. engages in the production, processing, marketing and distribution of fresh, frozen, and value-added chicken products to retailers, distributors and foodservice operators. It operates through the following segments: U.S., U.K. & Europe, and Mexico.
