Hormel Foods price target lowered to $30 from $32 at BofA

BofA lowered the firm’s price target on Hormel Foods to $30 from $32 and keeps an Underperform rating on the shares. Hormel reported Q3 adjusted EPS in line with BofA and Street estimates, but sales, volumes, operating income, and margins missed, with EPS benefitting from below-the-line items, and Hormel cut its FY24 sales outlook, the analyst tells investors. Following the report, the firm lowered its FY24-26 adjusted EPS estimates to $1.59, $1.68, and $1.93, respectively, given weaker top-line expectations.