JPMorgan Updates HRL Outlook—Unlock Potential Gains!

Context and JPMorgan’s Revised Outlook

JPMorgan has refreshed its view on Hormel Foods (NYSE: HRL) following the company’s latest earnings and guidance. Analyst Thomas Palmer maintains an Overweight rating and recently raised the price target to $28 (from $27) (^[1]), reflecting cautious optimism that Hormel’s shares (around $24–25) have upside potential. This update comes on the heels of Hormel’s fiscal 2025 Q4 results, in which adjusted EPS slightly beat expectations and management issued upbeat FY2026 guidance above consensus (^[2]) (^[2]). JPMorgan’s new target implies roughly a mid-teens percentage gain, signaling confidence that operational improvements and cost initiatives could unlock potential gains for shareholders despite a challenging year. In contrast, the average analyst price target for HRL hovers around $26–27 (^[3]), indicating JPMorgan is somewhat more bullish than the Street’s mean outlook. Overall, the sell-side stance is mildly positive – MarketBeat data show a Moderate Buy consensus with an average ~$33 target as of late summer (^[4]) (^[4]) – but expectations have tempered after recent headwinds. Hormel’s defensive business profile (staple food brands) and improved forward guidance support JPMorgan’s case, yet lingering risks keep most analysts in a wait-and-see mode (8 analysts split between Buy and Hold) (^[4]).

Hormel Foods at a Glance: Founded in 1891, Hormel is a Fortune 500 branded food company known for products like Spam, Skippy, Jennie-O turkey, and Planters nuts. The company operates in four segments (Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International) (^[5]), selling protein-centric and packaged foods globally. While its portfolio of consumer staples generates stable cash flows, Hormel has faced profitability pressures recently due to inflation in meat input costs, avian flu impacts on poultry supply, and supply chain disruptions in its nut business (^[6]) (^[6]). These issues dented earnings in 2023–2025 and led Hormel to undertake a “Transform & Modernize” cost-saving initiative. With that background, we dive into key aspects of Hormel’s investment profile – from its storied dividend to balance sheet strength, valuation, and the risk/reward tradeoff in light of JPMorgan’s outlook.

Dividend Policy, History & Yield

Hormel Foods is a dividend stalwart, boasting 60 consecutive years of annual dividend raises (^[7]). This track record places Hormel among the elite Dividend Kings. In November 2025, the company announced a token 1% increase to its quarterly payout (now $0.2925 per share) – bringing the annualized dividend to $1.17 (^[7]). The modest hike (following a 3% raise the prior year) underscores management’s commitment to the streak, even as earnings growth has stalled. At the current share price, HRL’s dividend yield is nearly 4.8%, an unusually high level for this company. Just a year ago the yield was closer to ~2.5–3%, but the stock’s decline and steady dividend boosts have driven the yield up to ~4½–5% in 2025 (^[8]) (^[8]). Such a yield far exceeds the consumer-staples sector average (e.g. General Mills and Kraft Heinz yield ~3–4%) and signals that the market is questioning Hormel’s growth trajectory. Indeed, Hormel’s payout ratio has climbed above 80% of earnings, a level often seen as a warning sign since it leaves little cushion if profits falter (^[8]). On an adjusted basis, FY2024 earnings per share were about $1.47, so the $1.16 dividend consumed ~79% of those earnings (and payout was even higher against FY2025’s guidance of ~$1.60 EPS).

From a cash flow perspective, Hormel historically covered its dividend comfortably – “cash provided by operating activities has been sufficient to cover dividend payments and capital expenditures” in fiscal 2024 (^[9]). In FY2024, for example, operating cash flow was $1.27 billion versus $615 million of dividends paid (^[9]) (^[9]). This implies that free cash flow (after ~$256 M of capex) still exceeded dividend outlays by a healthy margin, underscoring the dividend’s support by internal cash generation. However, recent pressures have tightened coverage. In the first half of 2025, Hormel’s operating cash flow plunged ~43% year-on-year (hampered by inventory build-up and softer sales), causing free cash flow to drop below the level of dividend payments (^[8]) (^[8]). One analysis pegged Hormel’s operating free cash flow payout ratio at 145% in that H1 2025 period (^[8]) (^[8]) – meaning the company temporarily paid out more in dividends than it generated in cash. Hormel was able to fund the gap using its $740+ million cash reserves and had an undrawn $750 million credit facility for liquidity (^[8]), but clearly such a situation is unsustainable long term. This explains the extremely low 1% dividend raise for 2026 and raises questions about how quickly Hormel can improve cash flows. The good news is Q4 2025 saw some recovery, and management remains adamant about maintaining the dividend streak. Still, investors will want to monitor Hormel’s earnings and cash flow closely – at an ~83% payout ratio (^[8]), future dividend growth will likely be minimal unless the business returns to healthier growth. The dividend is safe for now (investment-grade credit and ample liquidity back it up), but its sustainability in a “low-growth” scenario is a key focus for analysts (^[8]) (^[8]).

Leverage, Debt Maturities & Coverage

Despite recent headwinds, Hormel’s balance sheet remains strong, providing a solid foundation to weather volatility. The company has traditionally been conservatively financed, and even after debt-funded acquisitions (like Planters in 2021) Hormel’s leverage is moderate. Debt-to-equity stands at only ~0.35 (^[4]), reflecting a modest use of debt relative to its equity base. As of the end of FY2024 (October 27, 2024), Hormel carried $2.85 billion in long-term senior notes outstanding (^[9]) (^[9]). Crucially, these obligations are long-dated – the company faces no significant maturities until 2027 (^[9]). A schedule of debt commitments shows $0 due in 2025 or 2026, $500 million due in 2027, $750 million in 2028, and the remaining $1.6 billion not due until 2030 and 2051 (^[9]). This laddered maturity profile means Hormel won’t be forced into refinancing in the near-term credit market turbulence. The company also maintains a $750 million revolving credit facility (expandable to $1.125 billion) which is undrawn and available for liquidity needs, though it comes up for renewal in mid-2026 (^[9]) (^[9]). As of late 2024, Hormel held about $742 million in cash on the balance sheet (^[9]), further bolstering its financial flexibility.

Leverage metrics are comfortable. Using FY2024 figures, Hormel’s net debt was roughly $2.1 billion (debt minus cash), which is about 1.5× EBITDA by our estimates – a relatively low ratio for a stable food business. Likewise, interest coverage is very strong: in FY2024 Hormel’s interest expense was only ~$81 million (^[9]), whereas operating earnings (EBIT) exceeded $1.1 billion, implying over 13× EBIT/interest coverage. Essentially, debt servicing is a non-issue for Hormel at present – the company’s EBITDA of ~$1.27 billion dwarfs its interest obligations (^[10]). This is reflected in Hormel’s solid credit ratings. The company has been rated in the “A” range by agencies; for example, Moody’s recently downgraded Hormel one notch from A1 to A2 (still a high-grade rating), citing weak operating earnings performance that slowed deleveraging progress (^[5]). Moody’s noted that although Hormel has good free cash flow and conservative leverage policies, its profit pressures in a protein-centric business and high dividend payout have hindered improvement in credit metrics (^[5]). The outlook remains negative until earnings pick up (^[5]). In short, Hormel’s current debt load is very manageable, but the rating agencies will be looking for a rebound in profitability to justify the strong rating going forward.

It’s worth emphasizing that Hormel’s financial discipline is a strategic advantage. Management has stated a preference to fund growth internally and keep leverage moderate (^[9]). The company did take on debt for strategic buys (e.g. the Planters acquisition), but it also rapidly paid down a $950 million bond that matured in 2024 using cash on hand and a smaller new debt issuance (^[9]) (^[9]). Moreover, Hormel refrained from share buybacks in 2024 (^[9]) (^[9]), choosing to preserve cash – an example of its conservative capital allocation in tougher times. Going forward, Hormel has indicated that its capital priorities are: first, invest in the business (capex, strategic projects), second, maintain the dividend, and third, pursue growth opportunities – with debt repayment and buybacks as more “opportunistic” uses of cash (^[9]) (^[9]). This hierarchy suggests the company will not over-leverage for acquisitions or buybacks at the expense of its dividend or financial stability. Overall, Hormel’s long-term debt is well-termed out and covenant-light (^[9]) (^[9]), and liquidity is ample, so leverage is not a near-term threat to shareholder value. The main financial risk is the earnings side – i.e. ensuring that profits start growing again so that leverage (debt/EBITDA) naturally declines and credit metrics strengthen, satisfying the rating agencies. JPMorgan, for its part, seems comfortable with Hormel’s balance sheet; their bullish outlook hinges more on improving operations rather than any concern about solvency.

Valuation: Is HRL Undervalued or Fairly Priced?

Hormel’s stock has pulled back significantly over the last two years, compressing its valuation multiples to levels that could offer value – if earnings stabilize. At the current share price (mid-$20s), HRL trades around 15–16× earnings. As of early December 2025, Hormel’s P/E ratio was ~15.7 (^[11]) based on the latest EPS. This is a marked decline from a year ago: at end of October 2023, HRL traded above 20× earnings (^[11]), and Hormel’s 5-year average P/E had been in the low-20s. During past peaks (e.g. 2016–2017), the stock even fetched high-20s multiples thanks to its steady dividend growth and defensive nature. The recent de-rating – to a P/E in the mid-teens – suggests investors are no longer willing to pay a premium for Hormel’s slow growth. In absolute terms, ~15× forward earnings is reasonable for a stable food company, but relative to Hormel’s own history the stock appears cheap. For context, many peer consumer staples stocks currently trade in the mid-to-high teens P/E (General Mills is about 13× forward earnings, Campbell Soup ~14×, Smucker ~14×, etc., as these too have sold off on growth concerns). Hormel, with its stronger balance sheet and longer dividend record, historically commanded a premium which has now evaporated. If the company can resume even modest earnings growth (mid-single digits), the stock’s multiple could expand back toward historical norms – providing upside. This seems to be part of JPMorgan’s thesis: they see HRL as a rebound candidate, with the stock’s compression perhaps overdone. At an ~$24 price, JPM’s $28 target implies a forward P/E ~18× on FY2026 earnings, still below long-term averages but giving credit to improved outlook.

Other valuation metrics tell a similar story. Hormel’s enterprise value is about $15 billion, which is roughly 11.8× its TTM EBITDA (^[10]). An ~12× EV/EBITDA multiple is in line with industry peers (for example, General Mills was ~11.5× EV/EBITDA in 2025) (^[12]). On a yield basis, as noted, HRL offers ~4.8% which is notably higher than most food peers – indicating the market is treating Hormel almost like a slow-growth bond proxy. The equity risk premium embedded here might be attractive to income-oriented investors if they trust Hormel’s earnings don’t deteriorate further. It’s also worth noting the consensus analyst forecasts: Wall Street expects Hormel’s EPS to improve slightly in FY2026 (management guided $1.43–$1.51 adjusted EPS (^[2]) (^[2])), and then continue a low-growth trajectory. The consensus price target of ~$26–27 (^[3]) is just a bit above the current price, suggesting limited near-term upside unless the company can positively surprise. However, the range of analyst targets is telling: the highest is around $31 (^[3]) (implying the bull case of a solid turnaround and multiple re-rating), while the lowest is ~$25 (^[3]) (bear case of no recovery). In sum, Hormel’s valuation appears undemanding compared to its own history and arguably reflects a “new normal” of low growth expectations. If JPMorgan’s optimism about clearing cost pressures and unlocking earnings growth pans out, HRL could be undervalued at 15× earnings – a reversion to even 18–20× could yield strong share appreciation. Conversely, if Hormel remains stuck in a no-growth rut, the stock may well deserve its current multiple (or even lower), and the generous dividend might be the primary return shareholders get. Thus, the valuation case for HRL hinges on one’s confidence in a fundamental inflection in 2026–2027. JPMorgan evidently sees glimmers of improvement (hence the upgrade and PT raise), whereas more cautious analysts are in “show me” mode.

Key Risks and Red Flags

While Hormel offers stability and a rich dividend, there are several risks and red flags investors should weigh:

– Inflation & Commodity Pressures: As a meat and packaged-food producer, Hormel is exposed to swings in input costs (pork, turkey, beef, feed, etc.). In 2022–2025, commodity cost inflation outran some of Hormel’s pricing actions, compressing margins. For instance, in Q3 2025 rising input costs (and lingering supply issues) caused Hormel’s earnings to miss estimates, leading to a 7% drop in the stock (^[6]). The company had to forecast a weaker Q4 as well, citing continued cost pressures (^[6]). Such volatility in raw material prices can hurt profitability if not passed through quickly. Hormel has announced additional pricing increases (and did benefit from higher prices in some categories in 2025) (^[6]), but there’s a lag effect and potential volume pushback to consider. High feed and livestock costs remain a headwind in the near term (^[2]). If inflation in proteins and ingredients stays elevated, Hormel’s margins could stay under strain, limiting earnings growth despite revenue gains. Notably, Hormel’s businesses like Jennie-O Turkey saw big profit swings due to the avian flu impacts on turkey supply in 2022–2023; while turkey demand and pricing rebounded strongly in 2025 (^[2]), any recurrence of animal disease outbreaks (avian flu, ASF in pork, etc.) is an ongoing risk for a protein-focused food company.

– Execution Issues & Supply Chain Disruptions: Hormel has faced some operational hiccups that raise concerns. In 2023, a fire at a key Planters nuts facility and other third-party manufacturing shortfalls led to product shortages, hurting sales in the Grocery segment (^[13]). Management admitted a “snack nut supply issue” was a drag on performance into early 2025 (^[14]). These issues revealed weaknesses in Hormel’s supply chain and planning. While deemed temporary, they contributed to volume declines and higher costs (extra logistics, etc.). Similarly, Hormel built up excess inventory in certain categories when demand softened, which tied up cash and forced a working capital adjustment in 1H 2025 (^[8]). The company’s ongoing “Transform & Modernize” (T&M) initiative aims to streamline operations, reduce overhead, and improve manufacturing efficiency – including a recently announced workforce reduction costing ~$9–12 million in 2026 (^[2]). The success of these efforts is crucial. Any “red flags” in execution – e.g. delays in cost savings, further supply disruptions, or integration problems with acquired brands – could hamper the anticipated recovery. Hormel’s low margins (operating margin in mid-single-digits) mean there’s little room for error; small cost overruns or downtime can significantly hit EPS. Investors will want to see evidence in upcoming quarters that Hormel’s operations are stabilizing (e.g. Planters back to full capacity, inventory rightsized, logistics running smoothly).

– Slow Growth & High Payout Strain: Hormel operates in mature, low-growth markets (processed meats, peanut butter, canned foods). Organic growth has been in the low single digits at best, and recently volumes have been flat or declining in some divisions (^[6]) (aside from pricing effects). This raises the risk that earnings per share may stagnate without acquisitions or hefty cost cuts. As discussed, Hormel’s dividend payout ratio now exceeds 80% (^[8]) – an elevated level that “raised eyebrows” among analysts. A payout that high signals management’s confidence in future earnings, but it also limits retained capital for expansion. If earnings disappoint or a recession hits demand, Hormel could be paying out nearly all its profit as dividends, which is not sustainable indefinitely. The company has already throttled dividend growth to a token amount; a harsher scenario (not base case) would be an outright dividend freeze or the streak ending, which would likely hurt the stock’s income-investor support. Maintaining the dividend commitment in a no-growth environment is a tightrope act. JPMorgan and others are implicitly betting that cost savings and pricing will lift earnings enough to keep the dividend safe and inch it higher. But until we see revenues or margins pick up, the high payout is a red flag – it leaves little wiggle room for unforeseen hits. This dynamic was highlighted in Moody’s downgrade, which cited that “weak operating earnings performance has hindered [Hormel’s] ability to reduce leverage and improve credit metrics” (^[5]). In other words, with so much cash earmarked for dividends (and previous acquisitions), Hormel hasn’t had the flexibility to deleverage faster amid earnings weakness. Any further erosion in profit could pressure its credit rating or force difficult choices on capital allocation.

– Leverage of a Different Kind – Inventory and Acquisition Risks: Although financial debt leverage is low, Hormel has what could be termed “operational leverage” risks. One is inventory risk – being a food producer, Hormel must manage commodity inputs and finished goods inventory shrewdly. In 2025, inventory management missteps contributed to cash flow issues (^[8]). If demand forecasting or supply chain doesn’t improve, excess inventory could again tie up cash or lead to write-downs, while shortages can lose sales. Another risk is with acquisitions: Hormel’s growth strategy has included buying brands (e.g. Planters, Applegate, Skippy). Integration and realizing promised synergies are critical. The Planters acquisition, for example, initially faced distribution and production challenges that hurt results more than anticipated. Future M&A, if pursued, carries the risk of overpaying or under-delivering on growth, which would be a concern given Hormel’s limited margin for error. Thus far, Hormel has a decent track record on M&A, but the jury is still out on whether recent deals can accelerate growth as intended. Any major acquisition could also increase leverage (though Hormel would likely be cautious on this front).

– Market and Competitive Shifts: Lastly, Hormel faces the broad risk of changing consumer preferences and competition. While its brands are well-entrenched, shifts toward fresh foods, plant-based proteins, or private-label alternatives could gradually pressure Hormel’s sales. The company has innovated (e.g. launching a plant-based pepperoni and investing in meat alternative ventures), but these are relatively small. A slow-growth core and lack of major innovation could be a long-term drag. Additionally, larger competitors (Tyson, Nestlé, etc.) and retailer house brands fight for shelf space and market share, potentially limiting Hormel’s pricing power over time.

In summary, the red flags to monitor are Hormel’s profit margins and cash flows in coming quarters. If input costs remain high or if cost-saving plans falter, Hormel might continue to have weak earnings – which not only stifles stock appreciation but, as Moody’s warned, can impact its credit outlook (^[5]). The company’s steadfast dividend policy, while admirable, also constrains financial flexibility in a low-growth setting (^[8]). These factors underscore why the stock is down and trading at a high yield. Risk management for Hormel will revolve around protecting margins (via pricing and efficiency) and maintaining financial discipline so that it doesn’t stretch its balance sheet or dividend beyond what the business can support.

Valuation Upside vs. Risks – Open Questions

JPMorgan’s thesis of “unlocking potential gains” for HRL largely rests on execution: Can Hormel improve its earnings trajectory enough to warrant a higher valuation? The pieces are in place for a gradual rebound – input cost inflation has shown signs of easing, the avian flu impact on turkey is diminishing, and Hormel’s price increases and cost cuts are starting to take hold. The company’s latest guidance for FY2026 calls for adjusted EPS of $1.43–$1.51, slightly above consensus (^[2]), and modest organic sales growth (~2–3%). If Hormel hits those targets (or beats them), it would mark a turnaround from the profit declines of recent years. In that scenario, investors could re-rate the stock upward, especially given the still-low valuation multiples. Additionally, with a 5% dividend yield as a tailwind, even small stock price appreciation plus the dividend could produce attractive total returns.

However, the key open questions remain: How robust and sustainable will the recovery be? Hormel’s management is embarking on efficiency programs (T&M initiative) projected to save $100–$150 million annually (^[8]) – will these materialize without disrupting operations? Likewise, can Hormel balance its dividend commitments with reinvestment needs? Some analysts have openly worried about Hormel “balancing dividend commitments with operational resilience” (^[8]). Essentially, will the company prioritize funding growth (new products, marketing, perhaps bolt-on acquisitions) or continue paying out the bulk of earnings to shareholders? Thus far, Hormel has signaled the dividend remains sacrosanct; but for long-term investors, growth in the business is what ultimately unlocks value. If growth stays anemic, Hormel might end up a yield play with limited capital gains.

Another question is whether Hormel can find new avenues of growth in its portfolio. The company has a broad stable of brands, yet overall sales have been flat/down (~$11.9 B in FY2024, –1.6% vs prior year) (^[9]) (^[9]). Are there underperforming assets that could be divested or categories where Hormel can invest more? Management is reportedly looking to “reshape” the portfolio for better focus (^[15]) – possibly meaning they could prune lower-margin commodity businesses and double-down on value-added branded products. Any strategic moves on this front (spin-offs or acquisitions) could change the growth profile and investor sentiment. For example, if Hormel were to shed a sluggish unit or buy into a faster-growing segment, it might address the market’s concern about it being a “low-growth food sector” play (^[8]). Clarity on strategic direction will be something to watch for in upcoming investor communications.

In conclusion, Hormel Foods stands at a crossroads. It enjoys strengths like a rock-solid dividend heritage, strong balance sheet, and defensive product mix. These have earned it a spot in many income portfolios. Yet the company’s recent struggles with costs and growth have clearly tested investors’ patience – hence the stock’s underperformance and high yield. JPMorgan’s updated Overweight call signals a belief that the worst may be past, and that Hormel’s management actions (pricing, cost cuts, focus on core brands) will bear fruit in the coming year. If they’re right, today’s valuation could prove a compelling entry point, with the dividend-paying investors handsomely to wait for upside. If they’re wrong, Hormel might continue to languish as a value trap, its rich dividend being offset by stagnant earnings and a stock that goes nowhere (or worse).

Investors should monitor a few vital signs going forward: profit margins (are they rebounding as cost pressures ease?), volume trends in key product lines (to ensure price hikes aren’t killing demand), progress of the T&M cost savings, and any changes in capital allocation (does Hormel resume buybacks or M&A, or does it need to pull back on dividends?). Also, keep an eye on credit ratings or commentary – agencies like Moody’s have an eye on Hormel’s leverage vs. earnings (^[5]), which indirectly signals how much financial stress the company may (or may not) be under. So far, Hormel’s management remains confident: they project profit growth in FY2026 and have struck a “balance between achievability and targeting growth” in their outlook, according to analysts (^[16]). The potential gains in HRL will be unlocked only if those targets are met and if Hormel can prove it still has growth left in the tank. With JPMorgan now in its corner, Hormel will aim to reward shareholders with both a steady income and a return to growth – a combination that could indeed make the current pessimism look overdone. Time will tell if this venerable dividend payer can deliver on that promise.

Sources:

– Hormel Foods FY2024 10-K Annual Report (^[9]) (^[9]) – Hormel Investor Press Release, Nov 24 2025 (60th Consecutive Dividend Increase) (^[7]) – Reuters – Hormel Foods forecasts annual profit above estimates… (Dec 4 2025) (^[2]) (^[2]); Q3 profit below estimates as commodity costs rise (Aug 28 2025) (^[6]) – GuruFocus/Benzinga – JPMorgan analyst updates (Dec 5 2025) (^[17]) (^[1]) – DefenseWorld/MarketBeat – Analyst consensus and financial metrics (Aug 22 2025) (^[4]) (^[4]) – AInvest analysis – Dividend Growth Strategy & Undervaluation (Sept 20 2025) (^[8]) (^[8]) – Moody’s Credit Opinion (via ResearchPool) – Hormel downgraded to A2, outlook negative (June 2023) (^[5]) – MacroTrends data – Historical P/E ratios for HRL (^[11]) (^[11]) – TipRanks – Analyst price target summary for HRL (^[3]), etc.

Sources

1. https://sahmcapital.com/news/content/hormel-foods-analysts-boost-their-forecasts-following-upbeat-q4-earnings-2025-12-05
2. https://reuters.com/business/retail-consumer/hormel-foods-forecasts-annual-profit-above-estimates-higher-prices-2025-12-04/
3. https://tipranks.com/stocks/hrl/forecast
4. https://defenseworld.net/2025/08/22/jpmorgan-chase-co-upgrades-hormel-foods-nysehrl-to-overweight.html
5. https://app.researchpool.com/provider/moodys-investors-service/hormel-foods-corporation-hrl-moodys-ratings-downgrades-hormel-foods-to-a2-outlook-negative-RWvN1lgRGM
6. https://reuters.com/business/hormel-foods-sees-quarterly-profit-below-estimates-commodity-costs-rise-2025-08-28/
7. https://nasdaq.com/press-release/hormel-foods-corporation-announces-60th-consecutive-increase-annual-dividend-2025-11
8. https://ainvest.com/news/hormel-foods-corporation-dividend-growth-strategy-assessing-sustainability-undervaluation-growth-sector-2509/
9. https://sec.gov/Archives/edgar/data/48465/000004846524000051/hrl-20241027.htm
10. https://valueinvesting.io/HRL/valuation/ev_ebitda-multiples
11. https://macrotrends.net/stocks/charts/HRL/hormel-foods/pe-ratio
12. https://alphapilot.tech/finance/gis/ev-to-ebitda
13. https://reuters.com/business/retail-consumer/hormel-foods-tightens-annual-profit-forecast-amid-weak-retail-demand-2025-05-29/
14. https://reuters.com/business/retail-consumer/hormel-foods-misses-quarterly-profit-estimates-higher-input-costs-2025-02-27/
15. https://ainvest.com/news/hormel-foods-q4-2025-contradictions-emerge-guidance-portfolio-reshaping-costs-restructuring-2512/
16. https://insidermonkey.com/blog/jpmorgan-reassesses-hormel-hrl-outlook-with-fresh-model-update-1655769/?amp=1
17. https://gurufocus.com/news/3235912/hormel-foods-hrl-analyst-rating-update-jp-morgan-raises-price-target-hrl-stock-news

For informational purposes only; not investment advice.