Correction: Pilgrim's Pride upgraded to Overweight from Equal Weight at Stephens Stephens upgraded Pilgrim's Price to Overweight from Equal Weight based on expectations for improved U.S. and Mexican business profitability. Price target raised to $9 from $5.50.
Protein stock pullback on Sanderson comments overdone, says BMO Capital BMO Capital views yesterday's decline in Sanderson Farms (SAFM), Pilgrim's Pride (PPC) and Tyson Foods (TSN) as an overreaction to Sanderson's comments regarding breast prices falling to year-ago levels for the next four months. BMO notes that breast prices always dip in the fall. Following Sanderson's investor day, BMO said it sees a greater probability of chicken margins remaining at near-record levels in 2015. It keeps an Outperform rating on the stock.