Hormel Foods’ Downside Price Target Boosted at Deutsche Bank (HRL)


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Packaged foods giant Hormel Foods Corporation ( HRL ) saw its downside price target raised on Wednesday by analysts at Deutsche Bank.

The firm said it now sees HRL shares reaching $38, which still represents a 13% downside to the stock's Tuesday closing price of $43.44. Deutsche Bank noted that the company's turkey business is strong, and pork packing margins are rising, but maintained its "Sell" rating on the stock.

Hormel Foods shares were mostly flat in premarket trading Wednesday.

The Bottom Line
The company has a 1.93% dividend yield, based on last night's closing price of $43.44. The stock has technical support in the $39-$40 price area. The stock is trading near all-time highs and has little overhead resistance. We are watching the shares closely for a possible future inclusion on our recommended list.

Hormel Foods Corporation ( HRL ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks

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