Hormel Foods lowers FY13 EPS view to $1.88-$1.96 from $1.93-$2.03 Consensus $1.99. The company said, "Lower than expected results in our pork operations, higher input costs and softer sales of our retail products in our Refrigerated Foods segment are the primary reason for the expected shortfall in our second half results."
Hormel Foods upgraded to Buy from Hold at KeyBanc KeyBanc upgraded Hormel Foods citing increased confidence in organic growth initiatives following a series of management meetings. The analyst said management has a good track record of generating consistent returns and successfully integrating acquisitions and expects further M&A initiative given its strong balance sheet. Price target is $48.