Piper Sandler Maintains Neutral Rating for Hormel Foods: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
Piper Sandler has maintained a Neutral rating on Hormel Foods (NYSE:HRL) and increased its price target from $31.00 to $33.00. Hormel Foods' shares are slightly up, trading at $31.52. The new price target suggests a potential upside of 4.7%. Hormel Foods has diversified from being meat-focused to a broader range of protein products and brands, holding significant market share in their categories.
January 12, 2024 | 5:00 pm
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Piper Sandler maintains a Neutral rating on Hormel Foods but raises the price target from $31.00 to $33.00, a potential 4.7% increase from the current price.
The increase in price target by Piper Sandler could lead to a positive investor sentiment in the short term, potentially driving the stock price up towards the new target. However, the Neutral rating suggests that the firm does not see significant long-term upside, which may temper the stock's movement.
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IMPORTANCE 70
RELEVANCE 100