Strong current demand is a boon for Pilgrim’s, and Moy Park should help stabilize long-term returns.
We plan a mid-single-digit percentage uptick for our $30.50 per share valuation for no-moat Pilgrim’s Pride after it reported strong third-quarter earnings. Pilgrim’s benefited from favorable U.S. demand and input costs (roughly 65% of pro forma sales), where it posted 9.6% sales growth against a 12.9% adjusted operating margin year to date, ahead of our 9.5% and 10.4% 2017 targets. While we expect to lift our short-term marks to reflect the strong profitability and integrate the $1.3 billion th...
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