Argus cuts Hormel Foods to Hold on falling earnings, pressured margins

Argus downgraded Hormel Foods to Hold from Buy. The company is struggling to expand margins and grow earnings, with the recent Q1 EPS miss also falling 10% relative to last year, the analyst tells investors in a research note. Argus adds that it is also cutting its FY23 EPS view by 20c to $1.70 while cutting its five-year growth rate forecast to 6% from 8%.