Tyson Excluded from $500M Government Aid; BofA Cuts Price Target to $68
TSN is trading near its 52-week low of $50.56 (14% above the low).
Summary
The Trump administration announced up to $500 million in aid for small and medium meatpackers, explicitly excluding Tyson Foods. This policy decision follows the Department of Justice's intensified scrutiny of the meat-packing industry in early May. The exclusion from government support could create a competitive disadvantage for Tyson by bolstering smaller rivals. Separately, BofA Securities reiterated a Neutral rating on Tyson and slightly lowered its price target to $68 from $70.
At the time of this announcement, TSN was trading at $57.69 on NYSE in the Manufacturing sector, with a market capitalization of approximately $20.3B. The 52-week trading range was $50.56 to $69.48. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.