Hormel Foods

HRL · NYSE

$20.51+$0.16 (+0.79%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $20.35

HRL analyst rating

HoldConsensus of 7 analysts over the last 12 months. 29% rate it a buy.

Strong buy0
Buy2
Hold5
Underperform0
Sell0

12-month price target · 10 analysts

Average $27.05 (+31.9% upside)

Low: $23.23
Now: $20.51
High: $31.50

Upgrades and downgrades

The latest rating actions, newest first

HRL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 14, 2026	Maintains	Overweight	$30.00 → $28.00	48%
BNP Paribas	Oct 7, 2026	Maintains	Neutral	$26.00 → $23.00	44%
BNP Paribas	Aug 28, 2026	Maintains	Neutral	$27.00 → $26.00	44%
JP Morgan	Aug 14, 2026	Maintains	Neutral	$25.00 → $26.00	40%
BNP Paribas	Jul 14, 2026	Maintains	Neutral	$26.00 → $27.00	44%
Stephens & Co.	Jul 9, 2026	Maintains	Equal-Weight	$25.00	76%
B of A Securities	Jun 30, 2026	Maintains	Neutral	$25.00 → $27.00	54%
B of A Securities	May 29, 2026	Maintains	Neutral	$23.00 → $25.00	54%
Stephens & Co.	May 29, 2026	Maintains	Equal-Weight	$22.00 → $25.00	76%
Stephens & Co.	May 21, 2026	Maintains	Equal-Weight	$27.00 → $22.00	76%

The case for and against

Updated Oct 17, 2026

Bull case

Hormel Foods is well positioned for value creation because its portfolio simplification, pricing discipline, and leadership upgrades should improve the conversion of healthy top-line growth into stronger margins and earnings. The company has delivered six consecutive quarters of organic sales growth, and divestitures of lower-margin, more volatile businesses should sharpen focus on priority brands while reducing complexity across Retail and International. Foodservice is a particularly durable engine, with 32.6% of fiscal 2025 sales and a solutions-based model that supports share gains and resilient profitability, while supportive turkey and pork fundamentals could aid near-term operating leverage.

Bear case

Hormel Foods is facing a negative outlook because its business remains exposed to commodity swings, disease risk, trade barriers, and supplier or co-packer disruptions that can quickly pressure margins and operating results. Despite its broad branded portfolio, fiscal 2025 sales were still concentrated in US retail at 61.6% and US foodservice at 32.6%, while retail volumes fell about 3.9% even as pricing rose 4.8%, signaling that higher prices are not fully offsetting weaker unit demand, especially for Skippy and SPAM. Profitability also looks vulnerable as pork processing margins averaged $19.34 per head in F1Q26, down 6.2% year over year and 26.1% sequentially, while elevated hog and pork prices, limited supply growth, and uneven category performance could keep earnings under pressure.

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