Prudential Upgrades Tyson Foods to 'Buy'
Prudential upgraded Tyson Foods (TSN ) to buy from hold.
Analyst John McMillin says Tyson appears back on track with a beef, pork, and chicken combination after a tough 15 months. He says high selling prices for chicken is a major driver, including a 30-cents-per-pound price level just for chicken leg quarters. He says beef trends also appear solid despite higher cattle prices.
McMillin thinks Tyson will deliver positive results for the fourth quarter. He raised the 95 cents fiscal 2004 (Sept.) earnings per share estimate to $1.05, He has a $15 target.