Soft End to 2017 Does Not Alter Our Long-term Outlook for Pilgrim’s; Shares Slightly Cheap
We do not plan a large change for our $33 per share valuation for no-moat Pilgrim's Pride after it reported a somewhat soft end to 2017, with more significant-than-expected U.S. tax reform and the time value of money offsetting a more modest near-term outlook. We do not believe the performance affects Pilgrim’s long-term potential, and still expect low-single-digit average organic sales growth and high-single-digit operating margins over the next decade. The shares are attractive, which we attri...
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