CONSUMER FOODS / AGRIBUSINESS

This coverage involves the monitoring and analysis of the food supply chain from the field all the way to the consumer. We are experts within the agribusiness and protein industries. We directly cover the farming and food production aspects of the US and global food/beverage supply chains, and supplement this with our knowledge of distributor, grocer and restaurant trends.

Heather Jones – Protein & Agribusiness

Protein coverage centers on the production of animal protein (beef, chicken, dairy, eggs pork and turkey). Agribusiness coverage centers on handling, storage, distribution and processing of grain and related commodities, to include ethanol/biodiesel.


Keyword
Ticker Symbol
Research Notes Date
Agribusiness/Protein: ASF Update; Implications for Coverage Dec 6, 2018
Cal-Maine Foods, Inc. (CALM – Sell – $45.77): Flock Expansion Accelerating, Pressuring Pricing; Downgrading to Sell Dec 6, 2018
Sanderson Farms, Inc. (SAFM – Buy – $105.44): Q4 Preview Dec 6, 2018
Bunge Ltd. (BG – Buy – $58.04): QTD Somewhat Disappointing, but Focus Elsewhere Dec 6, 2018
Hormel Foods, Inc. (HRL – Sell – $44.82): How Much is too Much to Pay for Safety? Nov 28, 2018
Protein Roundup Nov 20, 2018
Tyson Foods, Inc. (TSN – Hold – $59.42): Guidance as Expected; Revising Estimates Nov 20, 2018
Pilgrim’s Pride Corp. (PPC – Buy – $19.72): NT Recovery Unlikely, but Bottom Seemingly In; Share Repurchase Provides Support Nov 19, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review Nov 15, 2018
Sanderson Farms, Inc. (SAFM – Buy – $103.55): Reducing Estimates Once More, but Maintaining Buy Recommendation Nov 15, 2018
Green Plains, Inc. (GPRE – Buy – $17.09): Balance Sheet Risk Mitigated, but Obscured by Abysmal Operating Environment Nov 15, 2018
Coverage Ownership Analysis Nov 14, 2018
The Andersons, Inc. (ANDE – Not Rated – $32.98): Dropping Coverage Nov 12, 2018
Calavo Growers, Inc. (CVGW- Hold-$99.90): Michoacán Growers Strike Hamstring Export Volumes Nov 8, 2018
Archer-Daniels-Midland Co. (ADM – Buy – $47.33): Strong Q3; Q4 Outlook Somewhat More Muted Nov 7, 2018
Darling Ingredients Inc. (DAR – Buy – $20.67): Q3 Messier-Than-Expected; Forward Momentum Building Nov 7, 2018
The Andersons, Inc. (ANDE – Buy – $37.00): Q3 First Look Nov 6, 2018
Hormel Foods, Inc. (HRL – Sell – $44.22): Moving to Sell on More Cautious Outlook and Valuation Nov 6, 2018
Tyson Foods, Inc. (TSN – Hold – $62.04): 2019 Guidance Preview Nov 6, 2018
Cal-Maine Foods, Inc. (CALM – Hold – $48.61): Supply Still Well-Restrained, but Demand a Little Soft; Reducing 2019 Estimates Nov 5, 2018
Bunge Ltd. (BG – Buy – $63.02): Where to Go From Here? Nov 1, 2018
Pilgrim’s Pride Corp. (PPC – Buy – $17.66): Q3 Misses by a Nickel; New Share Repurchase Intriguing Nov 1, 2018
Calavo Growers, Inc. (CVGW- Hold-$99.74): Reducing Q4’18 Estimates on Weaker Avocado/Guacamole Margins Oct 24, 2018
Protein & Dairy Roundup Oct 24, 2018
Green Plains, Inc. (GPRE – Buy – $17.24): Reducing Estimates on Further Margin Deterioration Oct 22, 2018
Darling Ingredients Inc. (DAR – Buy – $19.88): NT Issues; Strong Forward Look Intact Oct 17, 2018
The Andersons, Inc. (ANDE – Buy – $34.52): Lansing Acquisition Good Strategic Fit; Raising 2019 Estimates; Introducing 2020 Oct 17, 2018
Int’l Flavors & Fragrances (IFF-Not Rated-$134.13): Dropping Coverage Oct 12, 2018
Lancaster Colony (LANC-Not Rated-$147.07): Dropping Coverage Oct 12, 2018
Dean Foods (DF-Not Rated-$7.20): Dropping Coverage Oct 12, 2018
Hostess Brands (TWNK-Not Rated-$11.01): Dropping Coverage Oct 12, 2018
TreeHouse Foods (THS-Not Rated-$45.96): Dropping Coverage Oct 12, 2018
Balchem (BCPC-Not Rated-$100.60): Dropping Coverage Oct 12, 2018
Sensient (SXT-Not Rated-$75.30): Dropping Coverage Oct 12, 2018
Ingredion (INGR-Buy-$100.79): Transitioning Coverage Oct 12, 2018
Post Holdings (POST-Not Rated-$91.99): Dropping Coverage Oct 12, 2018
Flowers Foods (FLO-Not Rated-$19.02): Dropping Coverage Oct 12, 2018
McCormick & Co. (MKC-Not Rated-$134.22): Dropping Coverage Oct 12, 2018
Innophos (IPHS-Not Rated-$40.70): Dropping Coverage Oct 12, 2018
Lamb Weston (LW-Not Rated-$72.81): Dropping Coverage Oct 12, 2018
Pilgrim’s Pride Corp. (PPC – Buy – $17.77): Reducing Estimates, but Beneficial Product Mix Helps Limit Downside Oct 8, 2018
Tyson Foods, Inc. (TSN – Hold – $61.55): Raising Q4’18 and 2019 Estimates; Intro 2020 Oct 8, 2018
Protein & Dairy Roundup Oct 8, 2018
Int’l Flavors & Fragrances (IFF-Hold-$135.05): Updating Model for FRUT Deal Oct 4, 2018
Archer-Daniels-Midland Co. (ADM – Buy – $50.50): Expect Robust Q3 and Retain Constructive Q4’18/2019 Outlook Oct 4, 2018
Bunge Ltd. (BG – Buy – $68.81): H2 Playing Out as Hoped; Increased Confidence in ’19 Outlook Oct 4, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review Oct 3, 2018
Lamb Weston (LW-Sell-$71.14): Company Keeps F’19 Guidance in Place; Reiterate Sell Oct 2, 2018
McCormick & Co. (MKC-Hold-$125.44): Q3 Sales/Margins Lighter Than Expected Sep 27, 2018
Cal-Maine Foods, Inc. (CALM – Hold – $48.20): Raising NT Est., but Reducing H2’19/’20 Sep 27, 2018
Protein: Multi-Protein Export Analysis Sep 25, 2018
Protein & Dairy Roundup Sep 25, 2018
Monthly In-Store Channel Check Update – September 2018 Sep 21, 2018
Innophos (IPHS-Buy-$44.42): Updating Model; Company Remains Well Positioned Sep 19, 2018
Darling Ingredients Inc. (DAR – Buy – $18.78): Some NT Pressures; Thesis Firmly Intact Sep 17, 2018
TreeHouse Foods (THS-Buy-$54.90): Expect Conservatism Ahead; Reiterate Buy Rating Sep 17, 2018
Ingredion (INGR-Buy-$104.00): Forward Guidance at Risk; Lowering Numbers Sep 17, 2018
Balchem (BCPC-Hold-$110.95): Updating Model; Company Acquires Bioscreen Sep 12, 2018
Calavo Growers, Inc. (CVGW- Hold-$107.15): Growth Still Strong, but Moderating Somewhat; Reducing Estimates Sep 11, 2018
Flowers Foods (FLO-Hold-$20.39): Lowering Estimates; Introducing F’20 View Sep 11, 2018
Sanderson Farms, Inc. (SAFM – Buy – $105.52): Near-Term More Difficult Than Expected; Revising Estimates Sep 10, 2018
Hormel Foods, Inc. (HRL – Hold – $41.29): Raising Q4’18 Est.; but Retaining Below-Consensus View for 2019 Sep 10, 2018
Calavo Growers, Inc. (CVGW-Hold-$104.05): Q3 First Take; EBITDA and EPS Miss Sep 5, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review Aug 29, 2018
Green Plains, Inc. (GPRE – Buy – $17.98): Difficult Environment Deteriorates Further Aug 28, 2018
The Andersons, Inc. (ANDE – Buy – $40.60): Not All Sunshine, but Definitely Brighter Aug 27, 2018
Lancaster Colony (LANC-Hold-$144.84): Solid Q4, But F’19 Margin Growth Muted? Aug 23, 2018
Protein & Dairy Roundup Aug 22, 2018
Pilgrim’s Pride Corp. (PPC – Buy – $18.24): Updating Estimates, Price Tgt Aug 22, 2018
Lamb Weston (LW-Sell-$65.59): Guidance Upside Impacted by EU Heat? Reiterate Sell Aug 20, 2018
Tyson Foods, Inc. (TSN – Hold – $59.58): Bottom Near? Aug 14, 2018
Hormel Foods, Inc. (HRL – Hold – $37.20): Revising Estimates, Reiterate Hold (2) Aug 14, 2018
Sanderson Farms, Inc. (SAFM – Buy – $102.55): Decision Point Arrived Faster Than Expected Aug 14, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review Aug 14, 2018
Archer-Daniels-Midland Co. (ADM – Buy – $49.32): Becoming the Benchmark; Raising Estimates, P Tgt Aug 14, 2018
Lancaster Colony (LANC-Hold-$147.21): Lowering Estimates; Reiterate Hold Rating Aug 13, 2018
Darling Ingredients Inc. (DAR – Buy – $19.29): Outlook Intact; Increased Visibility for Robust Earnings Power Aug 9, 2018
Flowers Foods (FLO-Hold-$19.32): Reports Q2 Miss & Guide-Down; Reiterate Hold Aug 9, 2018
Darling Ingredients Inc. (DAR – Buy – $20.50): Core Business Puts Up Strong Beat Aug 9, 2018
Int’l Flavors & Fragrances (IFF-Hold-$135.35): Steady Q2 Report Ahead of FRUT Deal Aug 8, 2018
The Andersons, Inc. (ANDE – Buy – $35.50): Q2 First Look Aug 8, 2018
Hostess Brands (TWNK-Buy-$13.94): Q2 Miss/Guide Down; Buy on Weakness Aug 8, 2018
Dean Foods (DF-Hold-$8.47): Déjà Vu as We Downgrade to Hold; Governance Needs a Jolt! Aug 7, 2018
Calavo Growers, Inc. (CVGW-Hold-$95.70): Updated Est. & PT, Downgrade to Hold Aug 7, 2018
Balchem (BCPC-Hold-$94.89): Reports Q2; Remains Positive on Forward View Aug 3, 2018
Post Holdings (POST-Hold-$94.20): Reports Q3; Announces Creation of 8th Avenue Aug 3, 2018
Tyson Foods, Inc. (TSN – Hold – $57.55): Excess Protein an Earnings Drag; Reducing Estimates, P Tgt. Aug 3, 2018
TreeHouse Foods (THS-Buy-$49.70): Stability Reintroduced; Upping Valuation/PT; Buy Aug 2, 2018
Ingredion (INGR-Buy-$97.90): Increasing Forward Estimates; Reiterate Buy Rating Aug 2, 2018
Bunge Ltd. (BG – Buy – $66.00): Staying the Course on Greater Fundamental Conviction; Reduce Price Target Aug 2, 2018
Pilgrim’s Pride Corp. (PPC – Buy – $17.64): Q2’18 Quick Take Aug 2, 2018
Archer-Daniels-Midland Co. (ADM – Buy – $48.26): Strong Quarter; Staying Power Jul 31, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review Jul 30, 2018
Innophos (IPHS-Buy-$48.23): Confidence in Full Year/Forward View Remains; Buy Jul 30, 2018
Lamb Weston (LW-Sell-$70.41): F’19 Guidance Gets a Capital Allocation Assist; Sell Jul 25, 2018
The Andersons, Inc. (ANDE – Buy – $34.95): Softer Ethanol Outlook; Revising Est. Jul 25, 2018
Cal-Maine Foods, Inc. (CALM – Hold – $44.85): Multiple S/D Puts & Takes, Reducing Est. Jul 25, 2018
Protein & Dairy Roundup Jul 25, 2018
Sensient (SXT-Buy-$72.62): Reports Q2; Potential Momentum into 2019 — Buy Jul 20, 2018
Food For Thought: Stock Strength into an Earnings Beat…Sound Work or Bad Actor? Jul 20, 2018
Green Plains, Inc. (GPRE-Buy-$16.20): Difficult Margin Environment, Reduce Est & PT Jul 20, 2018
Monthly In-Store Channel Check Update – July 2018 Jul 19, 2018
Ingredion (INGR-Buy-$99.94): Old Demons Resurface on the Road to Becoming Special Jul 13, 2018
Balchem (BCPC-Hold-$103.40): Animals, Valuation, Credit Facilities and M&A Jul 11, 2018
Lamb Weston (LW-Sell-$70.12): Fundamentals/Model Update; Reiterate Sell Rating Jul 10, 2018
Darling Ingredients Inc. (DAR – Buy – $20.09): Raising Estimates Jul 9, 2018
Sanderson Farms, Inc. (SAFM – Buy – $108.38): Revising Estimates, Price Tgt Jul 9, 2018
Pilgrim’s Pride Corp. (PPC – Buy – $20.16): Revising Estimates, Price Tgt Jul 9, 2018
Int’l Flavors & Fragrances (IFF-Hold-$125.21): Lowering Forward Estimates; Hold Jul 9, 2018
Flowers Foods (FLO-Hold-$21.30): Board Governance Concerns; Downgrading to Hold Jul 9, 2018
Cal-Maine Foods, Inc. (CALM – Hold – $45.95): Revising Estimates Jul 3, 2018
Archer-Daniels-Midland Co. (ADM – Buy – $45.66): Raising Estimates Jul 3, 2018
Tyson Foods, Inc. (TSN – Hold – $69.12): Revising Estimates, Price Tgt Jun 29, 2018
Agriculture: Brazil/Freight Jun 29, 2018
Protein & Dairy Roundup Jun 29, 2018
Flowers Foods (FLO-Buy-$20.99): Dropping Q2 Estimate by a Penny; Reiterate Buy Jun 29, 2018
McCormick & Co. (MKC-Hold-$114.83): Solid Q2/Outlook; Downgrading on Valuation Jun 29, 2018
Bunge Ltd. (BG – Buy – $70.92): Adjusting Q2 Estimates, Maintain Full-Yr Jun 27, 2018
Ingredion (INGR-Buy-$109.54): Upgrading to Buy Ahead of Potential M&A/Cost Saves Jun 27, 2018
Post Holdings (POST-Hold-$87.51): Lowering to Hold Ahead of Potential Transactions Jun 27, 2018
Lancaster Colony (LANC-Hold-$140.35): Downgrading to Hold on Valuation Jun 27, 2018
Monthly In-Store Channel Check Update – June 2018 Jun 25, 2018
Food For Thought: Packaged Food Needs a New Playbook for a New Game Jun 22, 2018
Protein: Mexico Potentialities Analysis Jun 22, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review Jun 20, 2018
Tate & Lyle (TATE-LON/No Rating/£6.50): Terminating Coverage Jun 13, 2018
Kerry Group (KRZ-DUB/No Rating/€89.90): Terminating Coverage Jun 13, 2018
Givaudan (GIVN-SWX/No Rating/₣2,256): Terminating Coverage Jun 13, 2018
Frutarom (FRUT-TAE/No Rating/₪351.90): Terminating Coverage Jun 13, 2018
Chr. Hansen (CHR-CSE/No Rating/646.20 kr): Terminating Coverage Jun 13, 2018
Protein & Dairy Roundup Jun 12, 2018
Calavo Growers, Inc. (CVGW-Buy-$85.10): Updated Estimates, Outlook Jun 11, 2018
Food For Thought: Specialty Ingredients Company Database; Thoughts on What’s Next Jun 8, 2018
Protein & Dairy Roundup Jun 5, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review Jun 5, 2018
Lamb Weston (LW-Sell-$64.56): Global Supply Work-Up, Comments on Demand; Sell May 30, 2018
Frutarom (FRUT-TAE/Hold/₪346.10): Solid Q1; When Does $1.4B Equal $170? May 29, 2018
Hormel Foods, Inc. (HRL – Hold – $35.77): Revising Estimates, Reiterate Hold (2) May 29, 2018
Sanderson Farms, Inc. (SAFM – Buy – $100.11): Revising Estimates, Price Tgt May 25, 2018
Food For Thought: Q1’18 Quarterly Earnings Rehash May 25, 2018
Tate & Lyle (TATE-LON/Hold/£6.54): Updates Abound; Better-Than-Expected F19 View May 24, 2018
Hostess Brands (TWNK-Buy-$13.21): Ruthless…and We Love It! Buy May 23, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review May 23, 2018
The Andersons, Inc. (ANDE – Buy – $32.80): Revising Estimates May 22, 2018
Hostess Brands (TWNK-Buy-$12.85): We Like This Sweet Treat; Initiating at Buy May 21, 2018
Lamb Weston (LW-Sell-$66.74): Easy Potatoes Have Been Pulled; Initiating at Sell May 21, 2018
Green Plains, Inc. (GPRE – Buy – $21.60): Revising Estimates & Price Target May 21, 2018
Monthly In-Store Channel Check Update – May 2018 May 21, 2018
Flowers Foods (FLO-Buy-$19.61): Q1 Penny Miss…10% Stock Decline? Ok…Buy! May 17, 2018
Pilgrim’s Pride Corp. (PPC – Buy – $21.15): Revising Estimates; Reiterate Buy May 17, 2018
Protein & Dairy Roundup May 17, 2018
Darling Ingredients Inc. (DAR – Buy – $17.58): Raising Estimates May 14, 2018
Food For Thought: Microwave Assisted Thermal Sterilization…It’s a Mouthful! May 11, 2018
Tyson Foods, Inc. (TSN – Hold – $67.72): Revising Estimates, Price Tgt May 11, 2018
Darling Ingredients Inc. (DAR – Buy – $16.72): Q1 Quick Take May 10, 2018
Hormel Foods, Inc. (HRL – Hold – $36.09): Q2 Preview, Updated Outlook May 9, 2018
Dean Foods (DF-Buy-$9.33): Productivity Initiatives Help Q1; More to Come — Buy May 8, 2018
The Andersons, Inc. (ANDE – Buy – $33.65): Q1 First Blush; EPS in Line, EBITDA Better May 8, 2018
Int’l Flavors & Fragrances (IFF-Hold-$132.52): Announces Deal for FRUT; Reports Q1 May 7, 2018
Frutarom (FRUT-TAE/Hold/₪355.60): Downgrading to Hold on IFF Takeout May 7, 2018
Post Holdings (POST-Buy-$78.73): Reports Q2; Optionality Should Provide Value Ahead May 7, 2018
Balchem (BCPC-Hold-$93.23): Lowering to Hold on Full Valuation May 4, 2018
The Andersons, Inc. (ANDE – Buy – $32.30): Revising Estimates May 4, 2018
Bunge Ltd. (BG – Buy – $70.27): Divergent Realities May 4, 2018
Archer-Daniels-Midland Co. (ADM – Buy – $43.60): Raising Estimates May 4, 2018
Kerry Group (KRZ-DUB/Hold/€86.55): Q1 IMS Shows Results Largely In-Line; Hold May 3, 2018
TreeHouse Foods (THS-Buy-$39.91): Long Road to Rebuild Trust, But Q1 Good Start May 3, 2018
Ingredion (INGR-Hold-$115.67): Reports Q1; Lowers Full-Year Guidance May 3, 2018
Innophos (IPHS-Buy-$43.13): Solid Quarter; Strongly Reiterate Buy Rating May 1, 2018
Protein & Dairy Roundup Apr 30, 2018
Food For Thought: High Dividend Payout Ratio…Attractive Acquisition Target? Apr 27, 2018
Sanderson Farms, Inc. (SAFM – Buy – $116.45): Revising Estimates; Reiterate Buy Apr 27, 2018
Pilgrim’s Pride Corp. (PPC – Hold – $22.70): Revising Estimates; Reiterate Buy Apr 27, 2018
Lancaster Colony (LANC-Buy-$126.41): Q3 as Expected; Better Optics Ahead — Buy Apr 26, 2018
Sensient (SXT-Buy-$68.99): Reports Q1; Outlook Not as Bad as Feared — Buy Apr 25, 2018
Chicken & Eggs Discussion – A Deeper Dive is Required Apr 24, 2018
Bunge Ltd. (BG – Buy – $73.44): Raising Estimates Apr 24, 2018
Archer-Daniels-Midland Co. (ADM – Buy – $45.49): Raising Estimates, Price Tgt Apr 24, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review Apr 23, 2018
Tyson Foods, Inc. (TSN – Hold – $70.38): Lowering Price Tgt, Rating Apr 20, 2018
Chr. Hansen (CHR-CSE/Hold/562.80 kr): Capital Markets Day Takeaways Apr 18, 2018
Monthly In-Store Channel Check Update – April 2018 Apr 18, 2018
Darling Ingredients Inc. (DAR – Buy – $17.10): Reiterate Buy, Revise Estimates Apr 17, 2018
Cal-Maine Foods, Inc. (CALM – Hold – $48.65): Revising Estimates Apr 17, 2018
Protein & Dairy Roundup Apr 17, 2018
Food For Thought: Decentralization and the Shifting Paradigm of Food Industry Power Apr 14, 2018
Innophos (IPHS-Buy-$40.94): In an Expensive Ingredients World…Buy This Cheap Stock Apr 13, 2018
Tate & Lyle (TATE-LON/Hold/£5.65): Lowering Estimates; Retain Hold Rating Apr 12, 2018
Chr. Hansen (CHR-CSE/Hold/540.20 kr): Q2 Miss; Capital Markets Day Up Ahead Apr 11, 2018
Givaudan (GIVN-SWX/Hold/₣2,153): Q1 ’18 Sales Update; Read-through for IFF/SXT? Apr 10, 2018
TreeHouse Foods (THS-Buy-$39.40): Dare We Say It…Own This Name into Earnings Apr 10, 2018
Lancaster Colony (LANC-Buy-$124.15): Lowering Estimates & PT; Reiterate Buy Rating Apr 10, 2018
Protein & Dairy Roundup Apr 2, 2018
Int’l Flavors & Fragrances (IFF-Hold-$136.80): Model/Environment Update Apr 2, 2018
Food For Thought: It’s a Farm Bill Year (Maybe); Why You Should Care… Mar 31, 2018
Calavo Growers, Inc. (CVGW-Buy-$91.90): Raising Estimates, Price Target Mar 29, 2018
Post Holdings (POST-Hold-$74.35): Starts Proposed IPO Process for PB Business Mar 29, 2018
Ingredion (INGR-Hold-$127.11): Lowering Q1 Estimate; Reiterate Hold Rating Mar 29, 2018
Sensient (SXT-Buy-$69.32): Updating Model; Thoughts on Environment Mar 28, 2018
McCormick & Co. (MKC-Buy-$107.43): Executing in a Tough Environment; Buy Mar 27, 2018
Givaudan (GIVN-SWX/Hold/₣2,105): Company Pays Up for NRX; Industry Read-Thru? Mar 26, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review Mar 26, 2018
Snyder’s-Lance (LNCE-Not Rated-$49.98): Dropping Coverage Mar 26, 2018
Protein: Data Affirms Bullish Thesis on Broiler Profitability Mar 26, 2018
China Retaliates – Analysis Mar 23, 2018
Monthly In-Store Channel Check Update – March 2018 Mar 21, 2018
Frutarom (FRUT-TAE/Buy/₪338.00): Reports Solid End to F’17; Reiterate Buy Rating Mar 20, 2018
Protein & Dairy Roundup Mar 20, 2018
Food For Thought: Reward or Entitlement? Thoughts on Corporate Bonus Resets Mar 17, 2018
Bunge Ltd. (BG – Buy – $74.40): Raising Estimates, Price Target Mar 14, 2018
Pilgrim’s Pride Corp. (PPC – Buy – $24.51): Raising from Hold to Buy Mar 14, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review Mar 12, 2018
Green Plains, Inc. (GPRE – Buy – $18.20): Revising Estimates Mar 8, 2018
Dean Foods (DF-Buy-$9.22): Company/Market Update; Reiterate Buy Rating Mar 8, 2018
Protein & Dairy Roundup Mar 5, 2018
TreeHouse Foods (THS-Buy-$41.40): New CEO Announced; Reiterate Buy Rating Mar 5, 2018
Food For Thought: Q4’17 Quarterly Earnings Rehash + CAGNY Summary Mar 3, 2018
Darling Ingredients Inc. (DAR – Buy – $17.21): Estimate & PT Revision; Reiterate Buy Mar 1, 2018
Darling Ingredients Inc. (DAR – Buy – $17.32): Strong Q4 Upside; Quick Take Feb 28, 2018
Sanderson Farms, Inc. (SAFM – Buy – $124.16): Upgrading to Buy, Raise PT to $145 Feb 28, 2018
Balchem (BCPC-Buy-$74.52): Solid Q4 Report + Favorable Outlook; Reiterate Buy Feb 27, 2018
Tyson Foods, Inc. (TSN – Buy – $75.16): Estimate & Price Target Revision Feb 27, 2018
Hormel Foods, Inc. (HRL – Hold – $33.07): Revising Estimates Feb 27, 2018
Dean Foods (DF-Buy-$8.77): “Transitioning” from Tough ’17 to…Unknown? Retain Buy Feb 26, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review Feb 26, 2018
The Andersons, Inc. (ANDE – Buy – $34.90): Revising Estimates Feb 22, 2018
Cal-Maine Foods, Inc. (CALM – Hold – $43.15): Estimate Revision Feb 21, 2018
Innophos (IPHS-Buy-$43.28): Additional Building Blocks…and Some Market Help; Buy Feb 21, 2018
Kerry Group (KRZ-DUB/Hold/€81.80): Solid H2 Results; Guidance Sends Shares Lower Feb 20, 2018
Sanderson Farms, Inc. (SAFM – Hold – $131.69): Revising Estimates Feb 20, 2018
Monthly In-Store Channel Check Update – February 2018 Feb 20, 2018
Food For Thought: Market Volatility Coming Back…Who Owns My Stock? Feb 17, 2018
Hormel Foods, Inc. (HRL – Hold – $34.08): Revising Estimates Feb 16, 2018
Int’l Flavors & Fragrances (IFF-Hold-$144.02): Reports Q4, Offers F’18 Guide – Hold Feb 15, 2018
TreeHouse Foods (THS-Buy-$37.07): Event Path Pivoting Towards the Positive; Buy Feb 15, 2018
Archer-Daniels-Midland Co. (ADM – Buy – $41.82): Upgrading to Buy; Setting $49 PT Feb 15, 2018
Pilgrim’s Pride Corp. (PPC – Hold – $33.13): Revising Estimates & Price Target Feb 12, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review Feb 12, 2018
Sensient (SXT-Buy-$66.23): Low Quality Q4…But Stock Now Oversold; Buy Feb 9, 2018
Tate & Lyle (TATE-LON/Hold/£6.02): Releases Q3 Trading Statement; Retain Hold Feb 8, 2018
Flowers Foods (FLO-Buy-$20.12): Q4 Beat, Guidance Upside on Taxes; Reiterate Buy Feb 8, 2018
Calavo Growers, Inc. (CVGW-Buy-$83.65): Raising Estimates for Tax Reform Feb 6, 2018
Protein & Dairy Roundup Feb 5, 2018
Post Holdings (POST-Buy-$74.35): Increasing Estimates/PT; Upgrading to Buy Feb 5, 2018
Food For Thought: China Closing Factories; Potential Ingredient Industry Impacts Feb 3, 2018
Ingredion (INGR-Hold-$135.64): Upside Missing from 2018 Guidance; Reiterate Hold Feb 1, 2018
TVG Ag-Brief: Global Agribusiness Insights & Review Jan 31, 2018
Givaudan (GIVN-SWX/Hold/₣2,196.00): H2’17 Margins Miss Mark; Cautious F’18 View Jan 26, 2018
McCormick & Co. (MKC-Buy-$104.80): Forward Guidance Gets the Job Done; Buy Jan 25, 2018
Lancaster Colony (LANC-Buy-$120.51): Winding Road, but Destination Unchanged; Buy Jan 25, 2018
Frutarom (FRUT-TAE/Buy/₪328.50): Model Correction Jan 25, 2018
Monthly In-Store Channel Check Update – January 2018 Jan 23, 2018
Frutarom (FRUT-TAE/Buy/₪329.80): Raising Estimates & PT; Reiterate Buy Rating Jan 23, 2018
Protein & Dairy Roundup Jan 22, 2018
Bunge Ltd. (BG – Buy – $77.56): Who Wants it More? Jan 22, 2018
Food For Thought: Tomorrow’s Grocery Store…Updated Thoughts Jan 22, 2018
Chr. Hansen (CHR-CSE/Hold/535.40 kr): Q1 Light; Reiterate Hold Rating Jan 16, 2018
Post Holdings (POST-Hold-$80.60): BOBE Deal Closes; Private Brands on the Block Jan 16, 2018
Tyson Foods, Inc. (TSN – Buy – $79.78): Quarter Preview; Updated Outlook Jan 12, 2018
Trucking Discussion Jan 12, 2018
Darling Ingredients Inc. (DAR – Buy – $18.74): LCFS Market Off to Strong Start Jan 12, 2018
Flowers Foods (FLO-Buy-$19.12): Lowering Q4 Estimate; Storms Should Help Q1’18 Jan 10, 2018
Cal-Maine Foods, Inc. (CALM – Hold – $43.65): Outlook, Estimate Update Jan 8, 2018
Protein & Dairy Roundup Jan 8, 2018
Dean Foods (DF-Buy-$11.44): Upgrading to Buy on External Environment Help Jan 8, 2018
Sensient (SXT-Buy-$74.37): Short-Thesis Rebuttal; Strongly Reiterate Buy Rating Jan 5, 2018
Cal-Maine Foods, Inc. (CALM – Hold – $44.30): Raising Estimates & Price Target Dec 26, 2017
Food For Thought: Performance Review of 2017…And Outlook for 2018 Dec 23, 2017
The Andersons, Inc. (ANDE – Buy – $32.05): Revising Estimates & Price Target Dec 21, 2017
Green Plains, Inc. (GPRE – Buy – $17.00): Revising Estimates, Price Target Dec 20, 2017
Archer-Daniels-Midland Co. (ADM – Hold – $40.13): Revising Estimates & Price Target Dec 20, 2017
Calavo Growers, Inc. (CVGW-Buy-$78.05): Strong Q4; Firing on All Cylinders into 2018 Dec 19, 2017
Hormel Foods, Inc. (HRL – Hold – $37.07): Raising Estimates Dec 19, 2017
Monthly In-Store Channel Check Update – December 2017 Dec 19, 2017
Snyder’s-Lance (LNCE-Hold-$49.81): It’s Official; CPB to Buy LNCE for $50/Share Dec 18, 2017
Protein & Dairy Roundup Dec 18, 2017
Darling Ingredients Inc. (DAR – Buy – $16.39): CFO Departure Disappointing, but Thesis Unchanged; Buyers on Weakness Dec 18, 2017
Snyder’s-Lance (LNCE-Hold-$44.42): Reported CPB Overture; Reaction & Analysis Dec 15, 2017
Sanderson Farms, Inc. (SAFM – Hold – $145.85): Reports In-Line Q4; Revising Estimates Dec 14, 2017
Bunge Ltd. (BG – Buy – $66.22): Upgrading to Buy, $86 Price Target Dec 14, 2017
Post Holdings (POST-Hold-$78.71): BOBE Results, Debt Raise; Maintain Hold Dec 12, 2017
Protein & Dairy Roundup Dec 11, 2017
Food For Thought: New Tax Bill Impacts…So Much More Than a Rate Cut Dec 11, 2017
Calavo Growers, Inc. (CVGW-Buy-$71.75): CA Weather Discussion; Reiterate Buy Dec 8, 2017
Tax Proposals – Implications and Valuation Dec 8, 2017
Protein & Dairy Roundup Dec 4, 2017
Dean Foods (DF-Hold-$11.16): Holidays Coming Early? Activist Announces Stake Dec 1, 2017
Protein & Dairy Roundup Nov 27, 2017
Food For Thought: Quarterly Earnings Rehash – Q3’17 Nov 25, 2017
Frutarom (FRUT-TAE/Buy/₪282.30): Reports Q3; Increases 2020 Sales/Margin Targets Nov 21, 2017
Protein & Dairy Roundup Nov 20, 2017
Post Holdings (POST-Hold-$80.47): Solid Q4 Report; Some Guidance Confusion Nov 17, 2017
TreeHouse Foods (THS-Buy-$41.87): Upgrading to Buy Following Expectations Reset Nov 16, 2017
Ingredion (INGR-Hold-$130.63): Analyst Day Takeaways; Estimates & PT Higher Nov 16, 2017
Protein: Broiler Near- & Longer-Term Supply Outlook Nov 14, 2017
Tyson Foods, Inc. (TSN – Buy – $75.59): Strong Q4; Positioned Well for 2018 Nov 14, 2017
Food For Thought: Our Look at The Ingredient Value Spectrum Nov 11, 2017
Darling Ingredients Inc. (DAR – Buy – $16.27): Outlook Intact; Raising Estimates/P Tgt Nov 10, 2017
Flowers Foods (FLO-Buy-$18.15): Feels Like Turn Being Made; Reiterate Buy Rating Nov 9, 2017
Pilgrim’s Pride Corp. (PPC – Hold – $33.13): Raising Estimates Nov 9, 2017
Kerry Group (KRZ-DUB/Hold/€86.38): Solid Q3 Report; Updating Model – Hold Nov 8, 2017
Darling Ingredients Inc. (DAR – Buy – $17.47): Q3 Beat; 1st Take Nov 8, 2017
Snyder’s-Lance (LNCE-Hold-$34.52): Selloff Makes Us More Constructive; Retain Hold Nov 8, 2017
Balchem (BCPC-Buy-$83.77): Reports Q3; Favorable Catalysts Ahead – Buy Nov 7, 2017
Dean Foods (DF-Hold-$9.31): Reports Q3; Some Positives, In a World of Negatives Nov 7, 2017
The Andersons, Inc. (ANDE – Buy – $36.70): Q3 Beat; 1st Take Nov 7, 2017
Int’l Flavors & Fragrances (IFF-Hold-$146.45): Reports Q3 Beat; Fragrances Strong Nov 6, 2017
Innophos (IPHS-Buy-$45.61): Announces NutraGenesis Acquisition; Reiterate Buy Nov 6, 2017
Protein & Dairy Roundup Nov 6, 2017
TreeHouse Foods (THS-Buy-$43.03): Sifting Through the Rubble; Reiterate Hold Nov 2, 2017
Tate & Lyle (TATE-LON/Hold/£6.69): Solid H1 Report; Raises Forward Expectations Nov 2, 2017
Pilgrim’s Pride Corp. (PPC – Hold – $31.58): Raising Estimates Nov 2, 2017
Ingredion (INGR-Hold-$129.53): Reports Q3; The Europeans Are Coming! (Maybe?) Nov 1, 2017
Innophos (IPHS-Buy-$48.94): Reports Q3 Beat; Numerous Catalysts Ahead – Buy Oct 31, 2017
Calavo Growers, Inc. (CVGW-Buy-$71.35): Raising Estimates Oct 31, 2017
Frutarom (FRUT-TAE/Buy/₪287.30): Enzymotec Deal Announced; Upping Estimates/PT Oct 30, 2017
Protein & Dairy Roundup Oct 30, 2017
Food For Thought: Can Valuation Be The Gift That Gives Yet Again? Oct 28, 2017
Biofuel Market Update – DAR Bull Thesis Playing Out Oct 27, 2017
Sanderson Farms, Inc. (SAFM – Hold – $146.05): Reduced Estimates & PT Oct 27, 2017
Lancaster Colony (LANC-Buy-$123.90): Reports Q1; Company Positioned Favorably Oct 26, 2017
Chr. Hansen (CHR-CSE/Hold/546.50 kr): Reports Q4; Attractive Forward View Remains Oct 25, 2017
Protein & Dairy Roundup Oct 23, 2017
Hormel Foods, Inc. (HRL – Hold – $30.74): Reduced Estimates and PT Oct 23, 2017
Sensient (SXT-Buy-$78.18): Solid Q3 Report; Outlook Remains Favorable – Buy Oct 20, 2017
Monthly In-Store Channel Check Update – October 2017 Oct 19, 2017
Protein & Dairy Roundup Oct 16, 2017
Food For Thought: “I’ll Take Some Turkey…and a Haircut;” Tomorrow’s Grocery Store Oct 14, 2017
Kerry Group (KRZ-DUB/Hold/€81.70): Capital Markets Day; Updating Model Oct 11, 2017
Tate & Lyle (TATE-LON/Hold/£6.64): Lowering Forward Estimates; Reiterate Hold Oct 10, 2017
Givaudan (GIVN-SWX/Hold/₣2,175.00): Reports Solid Q3 Sales Performance Oct 10, 2017
Int’l Flavors & Fragrances (IFF-Hold-$145.38): Updating Model; Reiterate Hold Rating Oct 10, 2017
Protein & Dairy Roundup Oct 9, 2017
Sensient (SXT-Buy-$78.38): Updating Model and Price Target; Reiterate Buy Rating Oct 6, 2017
Green Plains, Inc. (GPRE – Buy – $20.60): Raising Estimates Oct 4, 2017
The Andersons, Inc. (ANDE – Buy – $34.95): Raising Estimates & Target Oct 4, 2017
Cal-Maine Foods, Inc. (CALM – Hold – $41.65): Now That’s Out of the Way Oct 3, 2017
Protein & Dairy Roundup Oct 2, 2017
Tyson Foods, Inc. (TSN – Buy – $71.21): Pulling Away From the Pack Oct 2, 2017
Flowers Foods (FLO-Buy-$18.81): Investor Day Takeaways; Adding 2019 Estimate Oct 2, 2017
Snyder’s-Lance (LNCE-Hold-$38.14): Holds Investor Day; There’s a New Sheriff in Town Oct 2, 2017
Food For Thought: New Cell Phones Leading to Cheaper Food? The New Normal Sep 30, 2017
Bunge Ltd. (BG – Hold – $69.54): Rinse, Repeat; Lowering Estimates & Price Target Sep 29, 2017
Archer-Daniels-Midland Co. (ADM – Hold – $42.75): One Step Up…. Sep 29, 2017
McCormick & Co. (MKC-Buy-$101.65): Q3 Beat, Outlook Better Than Expected; Buy Sep 29, 2017
Biofuel Market Update Sep 28, 2017
Darling Ingredients Inc. (DAR – Buy – $16.43): EPA Proposal Implications; Revising Est Sep 27, 2017
Protein & Dairy Roundup Sep 25, 2017
Innophos (IPHS-Buy-$47.16): Lowering Ests & Target Slightly; Story Remains Attractive Sep 25, 2017
Monthly In-Store Channel Check Update – September 2017 Sep 20, 2017
Post Holdings (POST-Hold-$85.70): Announces Bob Evans Deal; Maintain Hold Rating Sep 19, 2017
Ingredion (INGR-Hold-$124.84): Updating Model; Company Announces New CEO Sep 19, 2017
Cal-Maine Foods, Inc. (CALM – Hold – $39.23): Raising Estimates on Better-than-Expected Pricing Sep 18, 2017
Protein & Dairy Roundup Sep 18, 2017
Food For Thought: The Board Room…We’re Going to Need More Comfortable Chairs Sep 16, 2017
Lancaster Colony (LANC-Buy-$118.01): Lowering Numbers; Still Like Story – Buy Sep 15, 2017
Post Holdings (POST-Hold-$84.65): Carrying Some Momentum; Maintain Hold Rating Sep 14, 2017
Balchem (BCPC-Buy-$75.68): Updating Model; Reiterate Buy Rating & Raise PT Sep 13, 2017
McCormick & Co. (MKC-Buy-$98.38): Updating Model; Reiterate Buy & Raise PT Sep 13, 2017
Bunge Ltd. (BG – Hold – $75.75): IOI Acquisition Changes Thesis; Downgrade to Hold Sep 12, 2017
Protein & Dairy Roundup Sep 11, 2017
Pilgrim’s Pride Corp. (PPC – Hold – $27.80): Moy Park Acquisition Sep 11, 2017
Calavo Growers, Inc. (CVGW-Buy-$69.00): Near-Term Pain, Long-Term Gain; Raising Price Target Sep 7, 2017
Pilgrim’s Pride Corp. (PPC – Hold – $29.51): Downgrading to Hold on Valuation & Reduce Price Target, More Balanced Risk/Reward Sep 5, 2017
Hormel Foods, Inc. (HRL – Hold – $31.13): Revising Estimates; Lowering PT Aug 28, 2017
Protein & Dairy Roundup Aug 28, 2017
Sanderson Farms, Inc. (SAFM – Hold – $140.65): Raising Estimates, PT Aug 28, 2017
Biofuel Market Update Aug 23, 2017
Monthly In-Store Channel Check Update – August 2017 Aug 21, 2017
Sweeteners & Starch: Early Look at 2018 Contracting Dynamics in North America Aug 21, 2017
Protein & Dairy Roundup Aug 21, 2017
Chr. Hansen (CHR-CSE/Hold/521.50 kr): Lowering Estimates on Currency; Hold Aug 21, 2017
Lancaster Colony (LANC-Buy-$115.11): Reports Q4 Miss; Plenty of Opportunity Ahead Aug 18, 2017
Frutarom (FRUT-TAE/Buy/₪258.10): Solid Q2 Report; Reiterate Buy Rating Aug 18, 2017
Hormel Foods, Inc. (HRL – Hold – $34.15): Reducing H2’17 Estimates; PT Unchanged Aug 15, 2017
Sanderson Farms, Inc. (SAFM – Hold – $143.86): Raising Estimates, PT Aug 15, 2017
Protein & Dairy Roundup Aug 14, 2017
Kerry Group (KRZ-DUB/Hold/€76.31): Reports H1, Updates Guidance; Hold Aug 10, 2017
Darling Ingredients Inc. (DAR – Buy – $16.43): Solid Q2; Increasingly Favorable Fundamental Outlook; Raising Est and Price Target Aug 10, 2017
Flowers Foods (FLO-Buy-$17.32): Reports Q2, Lowers Guidance Aug 10, 2017
Int’l Flavors & Fragrances (IFF-Hold-$136.71): Reports Q2; Reiterate Hold Rating Aug 9, 2017
Dean Foods (DF-Hold-$12.10): Downgrading to Hold & Lower Price Target Aug 8, 2017
Snyder’s-Lance (LNCE-Hold-$39.06): Solid Q2 Print; Company Offers 2020 Targets Aug 8, 2017
Protein & Dairy Roundup Aug 7, 2017
Balchem (BCPC-Buy-$75.23): S-8 Filing Confuses Market; Strongly Reiterate Buy Rating Aug 7, 2017
TSN: How Much is Growth Worth? Aug 7, 2017
TreeHouse Foods (THS-Hold-$74.16): Downgrading to Hold & Cut Ests/Price Target Aug 4, 2017
Calavo Growers, Inc. (CVGW-Buy-$74.05): Near-Term Growing Pains; Lower 2017/Raise 2018 & Price Target Aug 4, 2017
The Andersons, Inc. (ANDE – Buy – $34.00): Q2 Upside Despite Weak Fert Aug 4, 2017
Balchem (BCPC-Buy-$78.41): Reports Q2; Forward Opportunities Remain – Buy Aug 4, 2017
The Andersons, Inc. (ANDE – Buy – $34.00): Did We Hear the Word ‘Normal’? Aug 4, 2017
Post Holdings (POST-Hold-$85.97): Solid Earnings Report + Outlook Aug 4, 2017
Tyson Foods, Inc. (TSN – Buy – $63.63): Earnings Preview Aug 3, 2017
Pilgrim’s Pride Corp. (PPC – Buy – $25.23): Strong Q2; Industry Fundamentals & PPC-Specific Factors Point to More of the Same Aug 3, 2017
Innophos (IPHS-Buy-$48.22): Announces First Deal Alongside Solid Q2 Report; Buy Aug 2, 2017
Green Plains, Inc. (GPRE – Buy – $18.90): Q2 Shock; Revising Estimates, PT Unchanged Aug 2, 2017
Archer-Daniels-Midland Co. (ADM – Hold – $43.30): Decent Q2; Raising Estimates Aug 2, 2017
Bunge Ltd. (BG – Buy – $77.80): Lowering Estimates; PT Unchanged Aug 2, 2017
Ingredion (INGR-Hold-$121.97): Reports Q2; Points Towards Midpoint of Guidance Aug 1, 2017
Dean Foods (DF-Buy-$15.02): The Case for F’17 Guidance, Investment Jul 31, 2017
Kerry Group (KRZ-DUB/Hold/€76.35): Currency Forces Ests & Target Lower; Hold Jul 31, 2017
Tate & Lyle (TATE-LON/Hold/£6.80): Upping Numbers on Q1 Trading Report; Hold Jul 27, 2017
Cal-Maine Foods, Inc. (CALM – Hold – $34.85): Disappointing Q4; Turn Coming, but Prolonged Process Jul 25, 2017
Sweeteners & Starch: A Look Ahead at TATE and INGR Jul 25, 2017
McCormick & Co. (MKC-Buy-$93.95): RB Foods Synergy Potential is Attractive Jul 25, 2017
Protein & Dairy Roundup Jul 24, 2017
Sensient (SXT-Buy-$75.80): Disappointing Q2 Report; Reiterate Buy Rating & Lower Tgt Jul 21, 2017
Bunge Ltd. (BG – Buy – $78.69): Game Theory, Estimates/Target Unchanged Jul 20, 2017
Givaudan (GIVN-SWX/Hold/₣1,899.00): Estimates Come Down on H1 Report; Hold Jul 20, 2017
Monthly In-Store Channel Check Update – July 2017 Jul 19, 2017
McCormick & Co. (MKC-Buy-$91.94): Company Still Attractive, Following RB Deal Jul 19, 2017
Cal-Maine Foods, Inc. (CALM – Hold – $35.38): Egg Pricing and Feed Costs Jul 18, 2017
Protein & Dairy Roundup Jul 17, 2017
Frutarom (FRUT-TAE/Buy/₪250.20): Story Remains Attractive – Reiterate Buy Rating Jul 17, 2017
TreeHouse Foods (THS-Buy-$80.22): Lowering Estimates & PT; Retain Buy Rating Jul 13, 2017
Pilgrim’s Pride Corp. (PPC – Buy – $20.80): Revising Estimates & Price Target Jul 12, 2017
Tyson Foods, Inc. (TSN – Buy – $58.58): Bold Doesn’t = Right Jul 12, 2017
Protein: Analysis of Impact From Rising Feed Costs Jul 12, 2017
Lancaster Colony (LANC-Buy-$122.00): Lowering Ests & Target; Still Like Story – Buy Jul 12, 2017
Snyder’s-Lance (LNCE-Hold-$34.52): Lowering Estimates; Reiterate Hold Rating Jul 12, 2017
Archer-Daniels-Midland Co. (ADM – Hold – $40.81): Revising Estimates & Target Jul 11, 2017
The Andersons, Inc. (ANDE – Buy – $34.05): Reducing Estimates & Price Target Jul 11, 2017
Bunge Ltd. (BG – Buy – $76.47): Revising Estimates & Price Target Jul 11, 2017
Darling Ingredients Inc. (DAR – Buy – $15.76): Earnings Preview Jul 11, 2017
Green Plains, Inc. (GPRE – Buy – $19.53): Revising Estimates & Price Target Jul 11, 2017
Post Holdings (POST-Hold-$77.39): Weetabix Closes Early, Wheat Moving Higher Jul 10, 2017
Flowers Foods (FLO-Buy-$17.31): Thoughts on Competitive Enviro, Wheat Market Jul 10, 2017
Biofuel Market Update Jul 10, 2017
Balchem (BCPC-Buy-$77.67): Update on Various Items; Reiterate Buy Rating Jul 6, 2017
Kerry Group (KRZ-DUB/Hold/€75.26): Reducing Estimates; Reiterate Hold Rating Jul 6, 2017
Chr. Hansen (CHR-CSE/Hold/504.50 kr): Reports Q3 Upside, Special Dividend; Hold Jul 5, 2017
Cal-Maine Foods, Inc. (CALM – Hold – $37.50): Revising Estimates & Target; S/D Improving, but Slow Going Jul 5, 2017
Protein & Dairy Report Jul 3, 2017
McCormick & Co. (MKC-Buy-$96.93): Solid Q2; Outperformance Likely Ahead Jun 29, 2017
Protein & Dairy Roundup Jun 26, 2017
Developments Across the Protein Spectrum Jun 26, 2017
Food For Thought: Analyst Musings + This Week’s Wrap on News, Commentary Jun 23, 2017
Packaged Food: The New Price War; Good for Shoppers…Bad for Everyone Else? Jun 21, 2017
Calavo Growers, Inc. (CVGW-Buy-$70.25): Early Innings Jun 19, 2017
Monthly In-Store Channel Check Update – June 2017 – AMZN/WFM Deal Implications Jun 19, 2017
Protein & Dairy Roundup Jun 19, 2017
Bunge Ltd. (BG – Buy – $78.15): Reducing Estimates & Target on Continued Weakness in South America Jun 19, 2017
Tyson Foods, Inc. (TSN – Buy – $61.37): Upgrading to Buy Jun 13, 2017
TreeHouse Foods (THS-Buy-$78.34): Company Announces President/COO Hire Jun 13, 2017
Protein & Dairy Roundup Jun 12, 2017
Chr. Hansen (CHR-CSE/Hold/470.80 kr): Ferrari Gets a Ferrari Price; Initiate at Hold Jun 12, 2017
Frutarom (FRUT-TAE/Buy/₪230.20): Growth Story…Remember Those? Initiate at Buy Jun 12, 2017
Givaudan (GIVN-SWX/Hold/₣1,954.00): Choppy Seas Ahead? Initiate at Hold Jun 12, 2017
Kerry Group (KRZ-DUB/Hold/€77.93): Big…and Likely to Get Bigger; Initiate at Hold Jun 12, 2017
Tate & Lyle (TATE-LON/Hold/£7.36): Growth Ahead, But How Much? Initiate at Hold Jun 12, 2017
Calavo Growers, Inc. (CVGW-Buy-$75.05): Robust Q2; Raising Estimates Jun 8, 2017
Ingredion (INGR-Hold-$115.73): US & MX Announce Sugar Deal; Retain Hold Jun 6, 2017
Balchem (BCPC-Buy-$82.88): Details on Innovative Food Processors Deal Jun 5, 2017
Calavo Growers, Inc. (CVGW-Buy-$70.30): Unpacking the Bull Thesis Jun 5, 2017
Protein & Dairy Roundup Jun 5, 2017
Bunge Ltd. (BG – Buy – $80.10): What Are Its Options? Jun 5, 2017
Darling Ingredients Inc. (DAR – Buy – $15.95): Investor Meeting Takeaways Jun 5, 2017
Flowers Foods (FLO-Buy-$18.53): Wheat Market Update May 31, 2017
Post Holdings (POST-Hold-$81.56): Updating Model for Weetabix; Retain Hold May 26, 2017
Lancaster Colony (LANC-Buy-$121.42): We’re Back on Board; Upgrade to Buy May 26, 2017
Food For Thought: Analyst Musings + This Week’s Wrap on News, Commentary May 26, 2017
Hormel Foods, Inc. (HRL – Hold – $33.13): Are 16% Meat Mgns Really Disappointing? May 26, 2017
Sanderson Farms, Inc. (SAFM – Hold – $115.73): Visibility Good into Bullish Market Fundamentals May 26, 2017
Chicken & Eggs Discussion – Incrementally Positive for Both Broiler and Egg Producers May 25, 2017
Int’l Flavors & Fragrances (IFF-Hold-$137.90): Lowering Estimates; Reiterate Hold May 25, 2017
Pilgrim’s Pride Corp. (PPC – Buy – $23.27): Implications of JBS Debacle May 23, 2017
Ingredion (INGR-Hold-$115.56): Lowering Estimates on South America; Hold May 22, 2017
Ingredients Conference Takeaways May 22, 2017
Monthly In-Store Channel Check Update – May 2017 May 22, 2017
Protein & Dairy Roundup May 22, 2017
Brazilian Crisis – Implications May 18, 2017
Flowers Foods (FLO-Buy-$18.49): Watching the Paint Dry; Take Advantage and Buy May 18, 2017
Darling Ingredients Inc. (DAR – Buy – $15.03): NT Outlook Somewhat Softer, but LT Thesis Intact May 15, 2017
Protein & Dairy Roundup May 15, 2017
Darling Ingredients Inc. (DAR – Buy – $15.45): Adjusted Q1 EBITDA Modest Miss May 12, 2017
Food For Thought: Analyst Musings + This Week’s Wrap on News, Commentary May 12, 2017
Dean Foods (DF-Buy-$19.56): Noisy Q1 Offers Much for Further Inspection; Buy May 10, 2017
Post Holdings (POST-Hold-$82.64): Announces Full Q2 Results, Note Tender Offer May 9, 2017
Int’l Flavors & Fragrances (IFF-Hold-$137.38): Good Run; Lowering to Hold May 9, 2017
Balchem (BCPC-Buy-$82.37): Remains a Good Place to Be Invested; Reiterate Buy May 9, 2017
Protein & Dairy Roundup May 8, 2017
Snyder’s-Lance (LNCE-Hold-$35.17): Reports Full Q1; Busy Times in Charlotte May 8, 2017
Tyson Foods, Inc. (TSN – Hold – $59.48): Beef/Pork Carry the Day; What Now? May 8, 2017
The Andersons, Inc. (ANDE – Buy – $33.40): Fundamentals Turning; Retain Buy May 5, 2017
Bunge Ltd. (BG – Buy – $67.20): Challenging Outlook, But Retain Buy Rating May 4, 2017
Darling Ingredients Inc. (DAR – Buy – $14.86): Q1 Likely Solid; Attractive Outlook May 4, 2017
Pilgrim’s Pride Corp. (PPC – Buy – $23.56): In-Line Q1; Further to Go May 4, 2017
TreeHouse Foods (THS-Buy-$76.34): Back Down We Go; Time to Regain Edge May 4, 2017
Green Plains, Inc. (GPRE – Buy – $25.35): Better-than-Expected Q1; Investors Embrace Non-Ethanol Potential May 3, 2017
Archer-Daniels-Midland Co. (ADM – Hold – $41.67): Reducing Estimates May 3, 2017
Ingredion (INGR-Hold-$122.12): Offense Wins Games…Defense Wins Championships May 3, 2017
Innophos (IPHS-Buy-$44.30): Don’t Get Blinded By Near-Term Impacts to P&L; Buy May 2, 2017
Protein & Dairy Roundup May 1, 2017
Food For Thought: Analyst Musings + This Week’s Wrap on News, Commentary Apr 28, 2017
Lancaster Colony (LANC-Hold-$123.00): Margins Derail Q3 Performance; Hold Apr 27, 2017
Sensient (SXT-Buy-$83.31): Solid Start to the Year; Retain Buy Rating Apr 26, 2017
Tyson Foods, Inc. (TSN – Hold – $65.47): APFH Acquisition Furthers Diversification & Vertical Integration Efforts, but Pricey Apr 25, 2017
Protein & Dairy Roundup Apr 24, 2017
Pilgrim’s Pride Corp. (PPC – Buy – $23.56): Upgrading to Buy on Better-Than-Expected 2017 Outlook Apr 21, 2017
Monthly In-Store Channel Check Update – April 2017 Apr 19, 2017
Post Holdings (POST-Hold-$86.50): Announces Weetabix Purchase; Lowering to Hold Apr 18, 2017
Protein & Dairy Roundup Apr 17, 2017
Snyder’s-Lance (LNCE-Hold-$32.83): Ugly Q1 Preannouncement; CEO Departure Apr 17, 2017
McCormick & Co. (MKC-Buy-$99.59): Investor Day Reinforces Positive View; Buy Apr 10, 2017
Innophos (IPHS-Buy-$45.38): Investor Day Post-Mortem; Great Opportunity to Buy Apr 10, 2017
Protein & Dairy Roundup Apr 10, 2017
Biofuel Market Update Apr 7, 2017
The Andersons, Inc. (ANDE – Buy – $37.70): 2017 Outlook Intact; Reiterate Buy Apr 7, 2017
Green Plains, Inc. (GPRE – Buy – $23.85): Reducing Q1 Estimate on Weaker-Than-Expected Start to Year; Reiterate Buy Apr 7, 2017
Sanderson Farms, Inc. (SAFM – Hold – $104.95): Raising Estimates Again Apr 7, 2017
Calavo Growers, Inc. (CVGW-Buy-$60.35): Unpacking the Bull Thesis Apr 4, 2017
Protein & Dairy Roundup Apr 3, 2017
Food For Thought: Analyst Musings + This Week’s Wrap on News, Commentary Mar 31, 2017
Dean Foods (DF-Buy-$19.18): Cheese Market Saturated; Class I Should Remain Subdued Mar 30, 2017
McCormick & Co. (MKC-Buy-$98.76): Earnings H2 Loaded – No Worries; Reiterate Buy Mar 28, 2017
Protein & Dairy Roundup Mar 27, 2017
Sensient (SXT-Buy-$79.10): Updating Model; Attractive Story Continues to Play Out Mar 27, 2017
Cal-Maine Foods, Inc. (CALM – Hold – $37.50): Q3 Miss; Shares Rally as Value Buyers Step In Mar 27, 2017
Ingredion (INGR-Hold-$120.66): Forward Street View Too Robust? Reiterate Hold Mar 24, 2017
Balchem (BCPC-Buy-$81.91): Lowering Estimates & Price Target; Retain Buy Mar 23, 2017
Monthly In-Store Channel Check Update – March 2017 Mar 22, 2017
Agribusiness Update; ADM/BG Estimate Revisions Mar 22, 2017
Sanderson Farms, Inc. (SAFM – Hold – $95.04): Raising Q2 Estimates Mar 22, 2017
Protein & Dairy Roundup Mar 20, 2017
Food For Thought: Analyst Musings + This Week’s Wrap on News, Commentary Commentary/News Mar 17, 2017
Cal-Maine Foods, Inc. (CALM – Hold – $38.88): Reducing Q3 Estimates; Outlook Still Uncertain, but Some Positive Developments Mar 16, 2017
Post Holdings (POST-Buy-$83.54): Update on Debt Refi, Weetabix Reports, & Bird Flu Mar 9, 2017
Calavo Growers, Inc. (CVGW-Buy-$56.75): In-line Q1; RFG Drives Improved Outlook Mar 7, 2017
HPAI Break in Tennessee – Implications Mar 6, 2017
Darling Ingredients Inc. (DAR – Buy – $14.65): Q4 Upside & Constructive Outlook; Reiterate Buy and Raise Target Mar 1, 2017
Dean Foods (DF-Buy-$17.84): Increasing Forward Estimates & Upgrading to Buy Feb 28, 2017
Balchem (BCPC-Buy-$87.21): Forward Growth, Curemark Opportunity Still Intact; Buy Feb 28, 2017
Calavo Growers, Inc. (CVGW-Buy-$56.40): Reducing Estimates Feb 28, 2017
Monthly In-Store Channel Check Update – February 2017 Feb 24, 2017
Sanderson Farms, Inc. (SAFM – Hold – $95.16): Feb 24, 2017
Hormel Foods Corporation (HRL – Hold – $35.29): Challenged Outlook; Maintain Hold Feb 24, 2017
Innophos (IPHS-Buy-$55.47): Cash is King; Upping PT and Reiterate Buy Rating Feb 22, 2017
Big, Clean, Beautiful Food Feb 21, 2017
Sanderson Farms, Inc. (SAFM – Hold – $95.03): Reducing Q1 on Disappointing Pricing; Better Start to Q2 Feb 21, 2017
The Andersons, Inc. (ANDE – Buy – $40.15): 2017 Outlook Intact; Reiterate Buy Feb 16, 2017
Calavo Growers, Inc. (CVGW – Buy – $57.10): Potential Challenges with MX Volumes Feb 16, 2017
Dean Foods (DF-Hold-$18.90): Q4 Miss + Guide Down; Reiterate Hold on N-T Caution Feb 16, 2017
Int’l Flavors & Fragrances (IFF-Buy-$124.03): Sky Not Falling After All; Reiterate Buy Feb 16, 2017
Bunge Ltd. (BG – Buy – $75.14): Solid Q4 and Outlook for Much Improved ’17 Intact; Reiterate Buy Feb 15, 2017
The Andersons, Inc. (ANDE – Buy – $38.55): Dig Deeper – Q4 Not Nearly as Bad as It Looks Feb 15, 2017
The Andersons, Inc. (ANDE – Buy – $37.55): Q4 Preview; Reducing 2017 Target/Estimate Feb 14, 2017
Flowers Foods (FLO-Buy-$19.01): Better Investment Story Now; Reiterate Buy Rating Feb 14, 2017
Snyder’s-Lance (LNCE-Hold-$37.91): Underlying Conditions Solid; Retain Hold Feb 13, 2017
Green Plains, Inc. (GPRE – Buy – $25.80): Strong Q4; Reiterate Buy Feb 10, 2017
Sensient (SXT-Buy-$77.00): Company Joining the Upper Echelon Ranks; Reiterate Buy Feb 10, 2017
Pilgrim’s Pride Corp. (PPC – Hold – $20.60): 2017 Outlook Better Than Expected Feb 10, 2017
TreeHouse Foods (THS-Buy-$84.97): Stock Rebounds on Improved Sales; More to Go Feb 9, 2017
Innophos (IPHS-Buy-$47.50): Upgrading to Buy; Vol/Pricing, Mexico Less of a Concern Feb 8, 2017
Archer-Daniels-Midland Co. (ADM – Hold – $44.59): Better Than 2016, but How Much? Feb 8, 2017
Pilgrim’s Pride Corp. (PPC – Hold – $18.64): Estimate Revision, Q4 Preview Feb 7, 2017
Tyson Foods, Inc. (TSN – Hold – $63.13): Muted Outlook, Legal Overshadow Robust Qtr Feb 6, 2017
Archer-Daniels-Midland Co. (ADM – Hold – $43.99): Reducing Estimates Feb 3, 2017
Post Holdings (POST-Buy-$84.39): Beat & Raise; We Would Continue to Buy Here Feb 3, 2017
Ingredion (INGR-Hold-$116.15): Reports Q4; Company Sees its Shadow? Retain Hold Feb 2, 2017
Constructive Margin Outlook & Depressed Valuations Creates Compelling Opportunity Feb 2, 2017
Lancaster Colony (LANC-Hold-$135.20): Solid Performance Yet Again; Reiterate Hold Jan 26, 2017
Hormel Foods Corporation (HRL – Hold – $36.54): Raising Q1 on Strong Fresh Pork Jan 25, 2017
Tyson Foods, Inc. (TSN – Hold – $62.36): Downgrading to Hold on Valuation Jan 25, 2017
Protein: Pork Market Update Jan 25, 2017
McCormick & Co. (MKC-Buy-$95.67): Q4 Report – Continued Stability; Reiterate Buy Jan 25, 2017
Protein Export Outlook – It’s Complicated Jan 24, 2017
Flowers Foods (FLO-Buy-$19.66): Year-End Thoughts, Hopes & Desires; Buy Jan 19, 2017
Monthly In-Store Channel Check Update – January 2017 Jan 19, 2017
Darling Ingredients Inc. (DAR – Buy – $12.33): Attractive Risk/Reward Jan 19, 2017
Ingredion (INGR-Hold-$125.09): Updating Model; Thoughts on Fundamentals/Cash Flow Jan 17, 2017
Sensient (SXT-Buy-$78.11): Lowering Estimates on Currency; Reiterate Buy Rating Jan 12, 2017
Dean Foods (DF-Hold-$20.55): Puts & Takes…Environment Steady; Remain at Hold Jan 11, 2017
Balchem (BCPC-Buy-$83.21): Fundamentals Working Together; Reiterate Buy Rating Jan 10, 2017
Int’l Flavors & Fragrances (IFF-Buy-$116.02): Market Offering Opportunity; Buy Jan 9, 2017
Cal-Maine Foods, Inc. (CALM – Hold – $42.00): Weak Q4, as Expected; Outlook Improved, but Much Uncertainty Dec 23, 2016
Calavo Growers, Inc. (CVGW – Buy – $64.90): Strong Q4; Bullish 2017 Outlook Dec 20, 2016
Ingredion (INGR – Hold – $125.43): Announces Deal for TIC Gums; Upping Estimates Dec 20, 2016
Sanderson Farms, Inc. (SAFM – Hold – $88.75): Strong Q4 Upside; Raising F’17 on More Bullish Q1 Assumptions Dec 15, 2016
Sanderson Farms, Inc. (SAFM – Hold – $89.30): Raising Q4 EPS Projection Dec 12, 2016
Flowers Foods (FLO – Buy – $19.17): Rehberg Case Settled; Focus Turns to Growth Dec 9, 2016
Flowers Foods (FLO – Buy – $15.48): Backed into a Corner; Initiate at Buy Dec 5, 2016
Archer-Daniels-Midland Co. (ADM – Hold – $44.00): Initiate with Hold Dec 5, 2016
The Andersons, Inc. (ANDE – Buy – $39.25): Initiate with Buy on Turn in Fundamentals Dec 5, 2016
Balchem (BCPC-Buy-$80.62): Certainly On the Radar Now; Initiate at Buy Dec 5, 2016
Bunge Ltd. (BG – Buy – $69.12): Initiate with Buy; Improved Fundamental Outlook and Compelling Asset Value Dec 5, 2016
Cal-Maine Foods, Inc. (CALM – Hold – $39.65): Cycle Bottoming, but Sharp Reversal Unlikely Dec 5, 2016
Calavo Growers, Inc. (CVGW – Buy – $53.85): Initiate at Buy Dec 5, 2016
Darling Ingredients Inc. (DAR – Buy – $13.22): Like the Risk/Reward; Initiate at Buy Dec 5, 2016
Dean Foods (DF – Hold – $19.20): Early Signs of a Pivot? Time Will Tell; Initiate at Hold Dec 5, 2016
Green Plains, Inc. (GPRE – Buy – $27.35): Bullish Ethanol; Initiate at Buy Dec 5, 2016
Hormel Foods Corporation (HRL – Hold – $33.81): Valuation Full; Initiate at Hold Dec 5, 2016
Int’l Flavors & Fragrances (IFF-Buy-$120.07): Tasty Treat After Selloff; Initiate at Buy Dec 5, 2016
Ingredion (INGR – Hold – $118.56): Patience Required After Big Year; Initiate at Hold Dec 5, 2016
Innophos Holdings (IPHS-Hold-$53.41): Hoping Patience Pays Off; Initiate at Hold Dec 5, 2016
Lancaster Colony (LANC – Hold – $133.64): Looking for Value; Initiate at Hold Dec 5, 2016
Snyder’s-Lance (LNCE – Hold – $36.22): Market Reflects Positive Story; Initiate at Hold Dec 5, 2016
McCormick & Co. (MKC – Buy – $89.05): Buy Quality…Only Cry Once; Initiate at Buy Dec 5, 2016
Post Holdings (POST – Buy – $75.63): Eggs & Interest Rates in Focus; Initiate at Buy Dec 5, 2016
Pilgrim’s Pride Co. (PPC – Hold – $17.69): Mix Shift Should Boost Margins, but Softening Industry Fundamentals Keep Us on Sidelines Dec 5, 2016
Sanderson Farms, Inc. (SAFM – Hold – $81.96): Stronger ’17 Volumes and Potential China Opening Bullish, but Softening Industry Fundamentals Keep Us on Sidelines Dec 5, 2016
Sensient (SXT – Buy – $77.17): Internal & External Opportunity; Initiate at Buy Dec 5, 2016
TreeHouse Foods (THS – Buy – $67.15): Five Still Very Much Alive; Initiate at Buy Dec 5, 2016
Tyson Foods, Inc. (TSN – Buy – $57.05): Balance Sheet Optionality, Portfolio Upgrade Offset Softening Chicken Industry Fundamentals Dec 5, 2016