Morgan Stanley initiated coverage of Smithfield Foods (SFD) with an Overweight rating and $28 price target The firm sees “attractive value” in a “transformed” Smithfield. The company is positioned to deliver solid EBITDA growth and improved resiliency in earnings and free cash flow through future commodity cycles in an “inherently volatile” sector, the analyst tells investors in a research note. The company is better positioned post its transformation, contends Morgan Stanley.
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