Our Research


April 8, 2024

CALM: Initiating Coverage, PT $61

By Heather Jones

Cal-Maine is a relatively quiet, low profile company, but it is the largest table egg producer in the U.S. and one of the best managed – oftentimes, it is instructive to learn what industry stakeholders…

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April 8, 2024

PPC: Initiating Coverage, PT $42

By Heather Jones

When we first began following Pilgrim’s Pride, it had been very poorly managed for some time and ill-timed feed hedges finally precipitated its tumble into bankruptcy. Since, much stronger management has greatly improved operations, from…

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April 6, 2024

GPRE: Initiating Coverage, PT $19

By Heather Jones

Under the leadership of CEO Becker, GPRE has been on an ambitious mission to transform the company from an ethanol company to a hybrid ethanol (conventional and low-carbon)/premium feed/sugar enterprise. And it has been successful…

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April 5, 2024

HJR Protein Overview/Outlook

By Heather Jones

We have followed the animal protein sector for many years and it is a given that it is typically more volatile than stable industries, such as packaged food and beverages. However, the level of volatility…

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April 3, 2024

TSN: Initiating Coverage, $60 PT

By Heather Jones

Tyson has long been known as a ‘chicken’ company, but over the past several years, Beef carried the day, as certain other key businesses struggled, reflecting both challenging industry fundamentals and company-specific issues. The task…

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