- BMO Capital analyst Kenneth Zaslow downgraded Tyson Foods Inc TSN to Market Perform from Outperform with a price target of $99 (13% upside), down from $115.
- The analyst said that the company will not exceed expectations in FY23, reflecting the rapid return to normal beef margins, pressure on pork margins, and inflation in prepared foods.
- Zaslow reduced 2023 estimates as he expected lower beef packer margins to offset the chicken improvement.
- He added that Tyson shares outperformed the S&P 500 index over the previous year and year-to-date.
- Price Action: TSN shares closed lower by 2.57% at $87.64 on Friday.
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