Morgan Stanley Maintains Equal-Weight on Smithfield Foods (SFD)

Morgan Stanley is out with its report today on Smithfield Foods (NYSE: SFD), maintaining Equal-weight.

In a note to clients, Morgan Stanley writes, "We remain Equal-weight after the USDA released its Quarterly Hogs and Pigs report, which we expect to be slightly bearish lean hogs. While Smithfield is currently enjoying favorable protein fundamentals and hedges, we remain cautious as we believe that the best time to get bullish protein stocks is when things cannot get any worse."

Shares of SFD closed Friday at $24.44, up 1.96% from Thursday's close.