Tyson Foods upgraded to Overweight from Underweight at Barclays

Barclays double upgraded Tyson Foods to Overweight from Underweight with a price target of $69, up from $53. Though Tyson has faced its share of challenges in recent quarters, the company is now in position to turn its performance around, the analyst tells investors in a research note. The firm still expects weak results in U.S. beef and only minor profits in pork, but sys plant closures in chicken will help to normalize profitability in the segment while prepared foods is expected to remain a stable segment. With this, Tyson Foods as a whole is undervalued, contends Barclays. It sees further upside to its chicken segment and says Tyson’s prepared foods segment also seems undervalued.