03:40 PM EDT, 04/09/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target by $5 to $40, calculated using an 8.0x EV/EBITDA multiple (up from 7.7x) against our 2024 adj-EBITDA estimate of $1,509M (+46% Y/Y; raised from $1,415M). We lift our 2024 EPS to $3.21 from $2.87 and 2025's to $3.32 from $3.04. Our revised estimates and target price reflect strong chicken wholesale prices and a favorable margin backdrop. Demand looks solid at both retail and foodservice outlets given limited availability of competing proteins, particularly beef. On the supply side, production growth looks limited, which is constructive for pricing. We see PPC's margins improving from favorable feed costs, noting corn and soybean prices have significantly come down over the past year. In addition, we expect less pressure from labor and wages compared to prior years. Margins in Europe seem to be structurally stronger following major restructuring initiatives. However, margins in Mexico can be volatile each quarter. We see further upside in shares, despite a 25%+ rally this year.