July 31, 2026
Despite an improved outlook on Beef (all three regions), our Q2 and full-year estimates move lower. Our Q2 EBITDA estimate (GAAP basis) goes ~5% lower, but our full-year 2026 projection declines just 1% as a…
July 31, 2026
We have reduced our Q2’26 estimate ahead of Smithfield’s upcoming results; our revised EBITDA and EPS forecasts move lower by $18M and $0.03, respectively, to $412M and $0.61. The reduction is driven by a more…
July 27, 2026
We have reduced our estimates for INGR as we believe demand was softer than expected, Argo production issues likely persisted throughout the quarter, and tapioca costs have surged due to crop disease (up ~60% from…
July 27, 2026
We believe Darling’s core business likely performed much stronger than anticipated during Q2. Initially, management guided to EBITDA of $260-$275M, but due to fats pricing that can only be described as robust, as well as…
July 22, 2026
We have raised our Q2 estimate to $1.92 ($1.57) and our full-year 2026 and 2027 estimates go to $5.35 ($4.79 and $5.23, respectively). The primary driver of our Q2 revision is our view that both…
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Heather L. Jones founded Heather Jones Research, LLC in May 2019. She has worked in equity research for over 20 years including stints on both the buy- and sell-side. She has worked at Bear Stearns, BB&T and most recently, Candlestick Capital, LLC. In StarMine’s 2013 Analyst Awards for Excellence, she was ranked #1 stock picker in the Food Products category. She was also named top stock picker for 2012 in the Food and Tobacco industry in The Wall Street Journal’s annual “Best on the Street” analyst survey. In 2007, Jones placed third in her industry. She was also ranked #1 in the food industry by Forbes.com in its 2009 “Blue Chip Analyst” awards survey.
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