Industry analysts are expressing confidence in Pilgrim’s Pride Corp.’s financial prospects for fiscal 2024 following a robust performance in the fourth quarter of 2023.
Stephens Inc. analyst Ben Bienvenu has raised his earnings projection for Pilgrim’s Pride in 2024 to $2.77 per share, up from $2.54, citing promising signs of improved chicken processing fundamentals throughout the year due to seasonal pricing trends and declining feed costs. In addition, Bienvenu introduced an earnings forecast for fiscal 2025 of $2.72 per share and lifted the stock’s price target to $31 from $29. He emphasized the company’s positive momentum in U.S. sales during Q4, driven by its diverse product portfolio and expanding customer base.
Meanwhile, Andrew Strelzik at BMO Capital Markets also revised his 2024 earnings estimate for Pilgrim’s to $2.91 per share and raised the target price to $35, echoing the company’s optimistic outlook on U.S. chicken fundamentals conveyed during the fourth-quarter earnings call. Strelzik also anticipates continued growth in the European Union and United Kingdom markets, as well as improved performance in Mexico throughout the year.
According to a survey conducted by Yahoo! Finance, six analysts project an average earnings estimate of $2.65 per share for Pilgrim’s in 2024, reflecting a substantial improvement compared to the $1.69 per share reported in fiscal 2023.
