BofA analyst Peter Galbo reiterates an Underperform rating on Cal-Maine Foods with a $55 price target following the company’s Q2 earnings miss. The downside was driven by higher cost of goods, specifically higher outside egg purchases, Galbo tells investors in a research note. He expects the earnings miss will weigh on shares given the year-to-date performance in Cal-Maine’s stock price and a potential shift in seasonal egg pricing down post Christmas.
Published first on TheFly
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Read More on CALM:
- CALM Plunges Despite Record Numbers
- Cal-Maine Foods says HPAI outlook to continue exert pressure on egg supply
- Cal-Maine Foods says egg prices continue to move higher due to reduced supply
- Cal-Maine Foods reports Q2 EPS $4.07, consensus $4.24
- Cal Maine Foods options imply 4.0% move in share price post-earnings
