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Wednesday, November 11, 2009
Tyson Foods Downgraded To Neutral At J.P. Morgan
By Michelle Donley
MarketWatch Pulse
NEW YORK -- J.P. Morgan cut its rating on meat producer Tyson Foods Inc. to neutral from underweight Wednesday, noting that it believes upside for the shares is already priced in. Reasons for the downgrade include "1) valuation; 2) recent rises in corn and hog prices; 3) a pending supply increase from competitor Sanderson Farms; and 4) uncertainty surrounding competitor Pilgrim's Pride," wrote analyst Ken Goldman in a note to clients. Shares of Tyson ended Tuesday at $13.19.
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