Piper Sandler analyst Michael Lavery lowered the firm’s price target on Tyson Foods to $44 from $49 and keeps a Neutral rating on the shares. The firm continues to believe in the long-term outlook for protein demand growth globally and thinks Tyson is well positioned to meet that growing demand. However, Piper remains on the sidelines until it has better visibility on an inflection point towards more favorable topline trends and margin momentum. Beef margins likely get worse in 2024, and recovery is a long way away, the firm adds.
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