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.

Research Notes	Date
OTT: Fundamental Changes to Ad Buying Expected	Feb 24, 2020
4Q Outlook: Digital Ad Platforms Still Well-Positioned for Strong Holiday Quarter	Nov 14, 2019
Tyson Foods, Inc. (TSN – Buy – $76.85): Pain Before Gain; Inflection Near, Raise PT	May 8, 2019
Ingredion (INGR-Hold-$86.62): Challenges Abound, but H2 Could Bring Some Improvement	May 6, 2019
Pilgrim’s Pride Corp. (PPC – Buy – $27.98): Improved Fundamentals; Raising Estimates	May 6, 2019
TVG Ag-Brief: Global Agribusiness Insights & Review KEY	Apr 30, 2019
TVG Protein Roundup	Apr 23, 2019
Sanderson Farms, Inc. (SAFM – Buy – $143.64): Raising Estimates, Price Target	Apr 23, 2019
Darling Ingredients Inc. (DAR – Buy – $22.06): Reducing DGD Estimates Somewhat	Apr 17, 2019
Ingredion (INGR-Hold-$93.94): Lowering Est. on More Challenged-Than-Expected Q1	Apr 15, 2019
Bunge Ltd. (BG – Buy – $52.99): Earnings Preview; Updated Outlook	Apr 11, 2019
Archer-Daniels-Midland Co. (ADM – Buy – $43.24): Reducing Q1 on Transitory Issues	Apr 11, 2019
Tyson Foods, Inc. (TSN – Buy – $69.57): Strong Move in the Shares; What’s Next?	Apr 10, 2019
Pilgrim’s Pride Corp. (PPC – Buy – $21.58): Improved Outlook; Raising Estimates	Apr 10, 2019
Hormel Foods, Inc. (HRL – Sell – $41.75): Deterioration in Outlook; Reducing Est.	Apr 10, 2019
Cal-Maine Foods, Inc. (CALM – Sell – $42.27): Reducing Estimates on Deteriorating Outlook	Apr 9, 2019
Calavo Growers, Inc. (CVGW- Buy -$83.44): Upgrading to Buy; Increased Confidence in Outlook	Apr 4, 2019
Cal-Maine Foods, Inc. (CALM – Sell – $43.99): Q3 Pricing Better-Than-Expected; Raising Estimates	Mar 26, 2019
Darling Ingredients Inc. (DAR – Buy – $21.20): Inflection This Year	Mar 15, 2019
Calavo Growers, Inc. (CVGW- Hold -$85.22): Strong Q1 Upside; Reducing 2019 Est on Higher Costs	Mar 15, 2019
Sanderson Farms, Inc. (SAFM – Buy – $120.40): Raising Estimates, Price Target KEY	Mar 5, 2019
Hormel Foods, Inc. (HRL – Sell – $42.53): Outlook More Challenged Than Expected; Reducing 2019 Estimate	Feb 26, 2019
Bunge Ltd. (BG – Buy – $51.77): Reducing Estimates KEY	Feb 25, 2019
Pilgrim’s Pride Corp. (PPC – Buy – $20.36): Some Near-Term Caution, but Overall Outlook More Constructive; Raising Estimates	Feb 21, 2019
Ingredion (INGR-Hold-$93.77): Challenged Outlook; Lowering Estimates	Feb 19, 2019
Tyson Foods, Inc. (TSN – Buy – $60.69): Outlook Mixed, but We See Upside Potential	Feb 14, 2019
Archer-Daniels-Midland Co. (ADM – Buy – $42.34): EPS Outlook Somewhat More Subdued, but Shares Still Attractive	Feb 13, 2019
Hormel Foods, Inc. (HRL – Sell – $42.11): Updated Outlook/Estimates	Feb 7, 2019
Sanderson Farms, Inc. (SAFM – Buy – $121.09): Time for a Breather KEY	Feb 7, 2019
TVG Protein Roundup	Feb 7, 2019
Archer-Daniels-Midland Co. (ADM – Buy – $44.90): Q4/2019 Preview	Jan 31, 2019
Bunge Ltd. (BG – Buy – $53.93): Down, but not Out; Revised Estimates	Jan 29, 2019
TVG Ag-Brief: Global Agribusiness Insights & Review	Jan 29, 2019
Pilgrim’s Pride Corp. (PPC – Buy – $18.93): Q4 Preview	Jan 28, 2019
TVG Ag-Brief: Global Agribusiness Insights & Review	Jan 26, 2019
Ingredion (INGR-Hold-$98.17): Updated Outlook; Downgrading to Hold	Jan 24, 2019
Green Plains, Inc. (GPRE – Buy – $13.65): Dropping Coverage	Jan 17, 2019
Cal-Maine Foods, Inc. (CALM – Sell – $41.90): Retain Cautious Outlook; Estimate Revision	Jan 15, 2019
Tyson Foods, Inc. (TSN – Buy – $56.55): Raising to Buy on More Constructive Outlook	Jan 10, 2019
Calavo Growers, Inc. (CVGW- Hold-$72.01): Q4 Surprisingly Weak; Reducing 2019/2020 Estimates	Dec 21, 2018
Sanderson Farms, Inc. (SAFM – Buy – $102.93): Less Ugly is Enough	Dec 21, 2018
Darling Ingredients Inc. (DAR – Buy – $19.60): Updating Q4 Est.; All Eyes on 2019	Dec 20, 2018
Bunge Ltd. (BG – Buy – $57.89): Market Dislocation Offers Attractive Opportunity	Dec 18, 2018
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