BUZZ - Bank of America downgraded the rating of Smithfield Foods to "Neutral," causing the stock price to drop
路透社2026/10/09 14:46October 9 – ** Smithfield Foods (SFD.O), a pork producer, saw its share price fall by 2%, closing at $18.51 ** Bank of America downgraded the stock from “buy” to “neutral,” and adjusted the price target from $25 down to $21 ** The brokerage cited deteriorating fundamentals in the hog industry: weak demand for pork belly and ham, declining lean hog futures prices, and persistently high feed costs have led to expectations of reduced hog profits ** They expect the packaged meats segment to remain stable and stated that a recovery in the hog industry or a significant rise in packaged meats profits would make them more optimistic about the stock ** Out of seven brokerages, four rate the stock “buy” or higher, and the remainder rate it “hold”; according to LSEG data, the median price target is $28 ** As of the previous trading day’s close, the stock is down approximately 15% year to date. (For convenience of non-English speakers, Reuters automatically translates its reports into several other languages. Because automated translation may result in errors or lack necessary context, Reuters does not guarantee the accuracy of automatically translated texts, which are provided solely for readers’ convenience. Reuters assumes no responsibility for any damage or loss arising from the use of automated translation features.)
October 9 - ** Shares of pork producer Smithfield Foods (SFD.O) fell 2% to $18.51
** Bank of America downgraded the stock from “Buy” to “Neutral,” and lowered the target price from $25 to $21.
** The brokerage said the fundamentals of the swine industry have deteriorated: demand for bacon and ham is weak, lean hog futures prices are declining, and with feed costs remaining high, expected hog profits are falling.
** The packaged meats business segment is expected to remain stable, and the brokerage said it would take a more optimistic view of the stock if the hog industry recovers or packaged meats profits show significant growth.
** Among seven brokerages, four rate the stock as “Buy” or higher, with the rest at “Hold”; the median target price is $28—data compiled by LSEG.
** As of the close of the previous trading day, the stock has fallen around 15% so far this year.
(To assist non-English speakers, Reuters has automated the translation of its reports into several other languages. As automated translation may contain errors or not convey the intended context, Reuters does not guarantee the accuracy of the automated translation, which is provided solely for reader convenience. Reuters accepts no responsibility for any damage or losses caused by the use of the automated translation.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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