Hormel Earnings: Cutting Valuation on Tempered Outlook as Headwinds Will Extend Into Fiscal 2024
Narrow-moat Hormel provided an underwhelming margin outlook during its investor day last month that was further confirmed in its fiscal 2023 earnings release. Our changes led us to cut our fair value estimate to $31 per share, down from $37. Shares look fairly valued after considering our medium uncertainty rating for Hormel.