Hormel Foods price target lowered to $41 from $45 at BofA

BofA analyst Peter Galbo lowered the firm’s price target on Hormel Foods to $41 from $45 and keeps an Underperform rating on the shares after the company reported fiscal Q1 earnings below BofA and Visible Alpha consensus estimates and lowered its FY23 adjusted EPS view. Hormel saw volume softness in Q1 across all segments, with particular callouts in Planter’s and Skippy, while it also experienced supply chain inefficiencies and selling through excess inventory is expected to put meaningful pressure on margin and EPS in Q2, the analyst tells investors.