The future isn't looking very bright for Tyson Foods, according to Bank of America.
The bank's analysts on Wednesday downgraded Tyson to underperform from neutral and slashed the price target to $61 from $73. That implies a downside of nearly 10% from where shares closed Tuesday. "Since our earnings preview in which we lowered estimates, Beef fundamentals/margins have continued to deteriorate, while commodity Chicken prices/profitability continue to decline," wrote analyst Peter Galbo.
"Cattle supplies have also remained plentiful as farmers move cattle through feed lots faster given drought conditions across the Midwest, which, upon completion, should result in higher spot cattle prices for packers next year." Bank of America also forecasts a dip in cattle production through 2024. Chicken prices have also slipped as production has increased, weighing on margins.
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