Goldman Sachs Maintains Neutral on Smithfield Foods

Goldman Sachs is out with its report today on Smithfield Foods (NYSE: SFD), maintaining Neutral.

In a note to clients, Goldman Sachs writes, "We remain on the sidelines in SFD as we expect shares may follow-through to the upside in coming weeks as hog prices remain seasonally elevated. We see a more cautious outlook as we approach Fall, where we expect downward pressure on hog prices and tougher comps in Pork to be an overhang. We maintain our EV/EBITDA-based, $24, 12-month price target."

Shares of SFD closed Thursday at $21.70, up 6.42% from Wednesday's close.