10:50 AM EDT, 05/06/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target at $60, 14.8x our FY 25 (Sep.) EPS of $4.06 (cut from $4.93; FY 24 cut to $2.91 from $3.02) vs. the 11x-15x historical trading range. F2Q (Mar-Q) adj-EPS of $0.62 beat by $0.22, but revenue of $13,072M (-0.5% Y/Y) missed by $84M. The Beef segment improved Q/Q (-0.7% margin vs. -2.3% in F1Q), but continues to face significant softness from a historical perspective due to limited cattle supply, which is unlikely to abate in the near term. Results in Chicken were mixed, as a better-than-expected margin (+3.9%) was offset by weaker-than-expected sales (chicken volume sales down 6.1% Y/Y). Prepared Foods margin of 9.7% was strong, but will likely weaken in F2H 2024. Overall, the quarter was slightly positive, in our view. However, shares significantly reversed course once TSN stated F3Q results could be weaker than F4Q due to higher commodity costs. This outlook is a bit worrisome since F3Q has historically been the strongest quarter from a seasonal perspective. We keep a Hold rating.