Hormel Foods Corp

HRL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$98.00	Cgnfct	Ppwvhqbng

Hormel Earnings: Cutting Valuation on Tempered Outlook as Headwinds Will Extend Into Fiscal 2024

Kristoffer Inton

Nov 30, 2023

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.

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