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Upgrade Alert for Hormel Foods (HRL)

By Amy Schwartz

Hormel Foods (NYSE:HRL) was upgraded from Neutral to Outperform at Credit Suisse today. The stock closed yesterday at $39.51 on volume of 3.9 million shares, above average daily volume of 3.1 million.

In the past 52 weeks, Hormel Foods share prices have been bracketed by a low of $27.38 and a high of $80.78 and closed yesterday at $39.51, 44% above that low price. The 200-day and 50-day moving averages have moved 0.50% higher and 0.9% lower over the past week, respectively.

Hormel Foods (NYSE:HRL) has potential upside of 86.6% based on a current price of $39.51 and analysts' consensus price target of $73.71. The stock should find resistance at its 50-day moving average (MA) of $41.76, as well as support at its 200-day MA of $38.41.

Hormel Foods Corporation manufactures and markets consumer-branded meat and food products. The Company processes meat and poultry products and produces a variety of prepared foods. Hormel markets its products around the world under a variety of branded names.

SmarTrend recommended that its subscribers protect gains by selling shares of Hormel Foods on February 1st, 2016 by issuing a Downtrend alert when the shares were trading at $40.64. Since that call, shares of Hormel Foods have fallen 4.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Hormel Foods

Ticker(s): HRL