Benzinga | Dec 10, 2021 12:22PM EST

Piper Sandler Bumps Up Hormel Foods Price Target By 9%

* Piper Sandler analyst Michael Lavery raised the price target on Hormel Foods Corp (NYSE:HRL) to $49 from $45 and kept a Neutral rating on the shares, suggesting a 7% upside.

* Lavery noted the company's portfolio transformation continued, and it offered a favorable fiscal 2022 margin outlook.

* Hormel reported a 43% revenue growth in the fourth quarter of FY21.

* Price Action: HRL shares are trading higher by 2.23% at $45.80 on the last check Friday.