Pilgrim’s Pride price target raised to $27 from $26 at Goldman Sachs

Goldman Sachs analyst Adam Samuelson raised the firm’s price target on Pilgrim’s Pride to $27 from $26 but keeps a Neutral rating on the shares after its Q3 earnings beat. The company’s better than expected operating performance in the UK and Mexico drove upside versus the firm’s forecasts, with U.S. profitability also improving sequentially, the analyst tells investors in a research note. The firm adds that it may agree with the management’s view that limited competing beef supplies and elevated beef prices can be supportive to chicken demand into 2024, but it also remains mindful of persistent consumer demand elasticity across grocery categories.