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Hormel Foods price target lowered to $31 from $33 at BofA

BofA analyst Peter Galbo lowered the firm’s price target on Hormel Foods to $31 from $33 and keeps an Underperform rating on the shares after the company reported Q4 earnings below BofA and consensus estimates and introduced a FY24 financial outlook below Street expectations. Following the report, the firm lowered its FY24-26 adjusted EPS estimates to $1.57, $1.65, and $1.90, respectively.

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