Monday, June 13, 2011 10:52:29 AM
In the report, Jefferies states, "SFD shares have dropped 20% over the last 6 weeks as industry pork processing margins saw unprecedented contraction - the result of a 15% jump in live hog & 3% drop in pork prices. While we acknowledge that the FY12 Street estimate needs to come down, SFD's current valuation (5X EBITDA) implies FY12 margins will be cut almost in half - unlikely in our view."
Soucre: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1161370/jefferies-reiterates-buy-on-smithfield-foods-reduces-pt-#ixzz1PATKoHGp
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