Tyson Foods and Sanderson Farms on Friday were upgraded to overweight from neutral by a JPMorgan analyst, who said consumers’ desire stock up on food due to the coronavirus pandemic has resulted in meat “flying off the shelves.”
At last check shares of Tyson, Springdale, Ark., were 8.5% higher at $58.82, while Sanderson Farms, Laurel, Miss., was up 1.3% at $128.40.
Analyst Ken Goldman said in a note to clients that based on conversations with chicken processors, “outstanding retail demand for meat is more than offsetting soft demand at food service.”
To read the rest of the story, please go to: The Street
