Pilgrim's Pride gains after Bank of America turns bullish again

Bank of America upgraded Pilgrim’s Pride Corporation (NASDAQ:PPC) to a Buy rating from Neutral on Friday on the view that pricing and margins are set to inflect to help support the stock price.

Analyst Peter Galbo and team see Q1 as a trough for Pilgrim’s Pride (PPC) given the expected improvement in supply fundamentals in U.S. chicken and the protein complex, as well as some notable seasonal tailwinds. The expansion of the Athens, Georgia small bird plant is also seen as a positive for the multinational food company.

BofA raised its 2023 EBITDA estimates to $895M from $862M and sees 2024 EBITDA of $1.187B. The firm’s price objective of $26 on PPC remains unchanged at 7.5X the 2024 EV/EBITDA estimate.

Shares of Pilgrim’s Pride (PPC) moved up 1.45% in premarket action on Friday.

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