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Benzinga

Business

Shivani Kumaresan

Goldman Sachs Turns Bearish On This Food Processing Company

Goldman Sachs HRL Hormel Hormel Foods Corp NYSE Russia

Goldman Sachs analyst Adam Samuelson downgraded Hormel Foods Corp (NYSE:HRL) to Sell from Neutral with a $44 price target, implying a 12.07% downside.
Samuelson warned that the Russia-Ukraine conflict might become one of the most disruptive events across the food and agricultural supply chain.
The analyst expects material fertilizer supply shocks across nutrients.
Samuelson views these factors working negatively for Hormel.
Price Action: HRL shares are trading lower by 2.86% at $48.61 in premarket on the last check Tuesday.

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