Tyson Foods Officially Opens New $425M Tennessee Poultry Complex
Tyson Foods has invested $425 million in a new poultry complex in Humboldt, Tennessee that was officially opened on April 8. The new poultry complex is the food company’s biggest investment in Tennessee and “the single largest corporate investment ever in Gibson County.”
Tyson Foods’ (TSN) President and CEO, Dean Banks said, “We’re pleased to add to the growth in Gibson County with the opening of our new 370,000 square foot processing facility. We appreciate the support of all those who played a role in making this facility possible—the local community, county, state and our Humboldt team members, who safely and responsibly produce high-quality protein daily to help feed our nation and the world.”
The poultry complex includes a hatchery, feed mill and a processing plant and is expected to employ 1,500 people by 2023. Production is expected to start in the later part of this month and will produce “pre-packaged trays of fresh chicken for retail grocery stores nationwide”. (See Tyson Foods stock analysis on TipRanks)
Earlier this month, Merrill Lynch analyst Peter Galbo raised the price target from $72 to $76 but reiterated a Hold rating on the stock.
Overall, the rest of the Street is cautiously optimistic on the stock with a Moderate Buy consensus rating based on 1 Buy and 1 Hold. The average analyst price target of $78 implies that TSN shares have approximately 2.2% upside potential to current levels.
Shares of TSN have risen 18.1% in the past three months.
According to the TipRanks Smart Score system, TSN scores a 6 out of 10 indicating that the stock is likely to perform in line with market averages.
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