Hormel Foods initiated with a Neutral at Citi

Citi initiated coverage of Hormel Foods with a Neutral rating and $31 price target. Much of the downside risk the firm sees is reflected in the shares following this fall’s earnings rebase and the resulting stock price decline, but while the firm does not see much downside over the coming year, it does not foresee much upside in the shares over the coming year either, the analyst tells investors.